Philadelphia Inquirer

Eric Kallgren    Boulder Colorado USA

Posted at 1:36pm on Monday, June 1st, 2009

The Philadelphia Inquirer celebrated 180 years of newspaper publishing on June 1, 2009. Jeff Gammage of the Philadelphia Inquirer wrote the story:

"When The Inquirer cranked to life on June 1, 1829, its editors promised to support the rights of common people and oppose the abuses of corrupt government.

Remarkably, over 180 years, that commitment hasn't changed. The paper still insists that freedom of the press is the fuel that powers the engine of democracy.

What has changed over that colossal span? Pretty much everything else.

And, most of all, this: Time and space have collapsed.

When George Washington died, it took weeks for the news to travel from Virginia to Kentucky. Word of Abraham Lincoln's death reached the back country within days. On Sept. 11, 2001, people watched the attack on the second World Trade Center tower as it happened.

Today, no one feels as if he or she needs to wait until tomorrow for the news, least of all the people who write and edit The Inquirer. In this region, The Inquirer - as a newspaper and as a news-gathering organization - remains the source where people go to find out who has been elected or indicted, what stock is going up or what building burning down, who won, who lost, and how."

The full story:
http://www.philly.com/philly/multimedia/45262177.html

Eric Kallgren    Boulder, Colorado USA

Posted at 5:08pm on Monday, February 23rd, 2009

February 23, 2009: The Inquirer reported that it's owner has filed for bankruptcy protection:

Philadelphia Newspapers LLC, which owns The Inquirer, the Philadelphia Daily News, and Philly.com, filed for bankruptcy protection yesterday in a bid to restructure its $390 million in debt load.

The company, bought by a group of Philadelphia-area investors for $562 million in 2006, said the voluntary Chapter 11 filing would not interrupt its daily operations.

"This restructuring is focused solely on our debt, not our operations," chief executive officer Brian P. Tierney, who led the group that provided about $150 million of the purchase price three years ago, said in a news release.

"Our operations are sound and profitable," said Tierney, referring to operating profits before interest and certain other costs.

The financial burden from an advertising downturn, rising costs for newsprint, and the migration of readers to the Internet caused Philadelphia Newspapers to fall out of compliance with its loan agreements last year. The same conditions have devastated the broadcast industry.

The company said it decided to turn to Bankruptcy Court after negotiating with its lenders for the last 11 months. During that time, the company was billed $13.4 million in penalty interest and fees.

It is not clear whether the current owners will retain a stake in the company if the debt is successfully restructured with the help of a bankruptcy judge. Ideally, a restructuring would reduce the amount of debt and lower the interest rate.

Citizens Bank is the agent for the senior lenders, who have included Angelo Gordon & Co., CIT Group Inc., and Wells Fargo & Co.