THE WORM TURNS: Judge Rules Against Credit Bid In Inky/DN Auction, Paving Way For Local Ownership

INQUIRER: Philadelphia Newspapers L.L.C. can bar its lenders from using $300 million in debt they are owed to try to purchase the company at auction next week, a federal judge ruled today. The decision by U.S. District Judge Eduardo C. Robreno reverses a ruling by Chief Bankruptcy Judge Stephen Raslavich. Lawyers for the company’s senior lenders — which include Angelo, Gordon & Co., the CIT Group, Wells Fargo and Eaton Vance (Citizens Bank put the deal together) — had argued that it would be unfair if they had to bid cash, like other potential buyers, for property that served as […]