SECURED LENDERS: Inquirer/Daily News Only Worth Half Of What They Were Worth Five Months Ago PRESS: The price of newspapers appears to be falling in Philadelphia. The Philadelphia Inquirer and Philadelphia Daily News go back on the auction block next week, after creditors walked away from a planned $139 million bankruptcy sale this week. The bank and hedge fund creditors who won the April auction vow to prevail again. But they say the sale price may drop by half, given changing economics of the deal. “My secured lenders are saying to me, ‘The economics have changed. This is not the same situation,'” lawyer Fred Hodara told Chief U.S. Bankruptcy Judge Stephen Raslavich. In exchange, Hodara sought to undo a plan for unsecured creditors, company executives and others to share a pot of few million dollars from the sale. Raslavich, intent on ending the 18-month bankruptcy without further delay, grew incensed. “If you try and squeeze every nickel in this case — at this late date — into a dime, it’s going to backfire. Be advised: Don’t overplay your hand,” he warned. MORE

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