Bankruptcy hearing for Inquirer, Daily News owner

February 24, 2009 6:01:21 AM PST
A hearing is scheduled Tuesday in U.S. Bankruptcy Court for the company that owns Philadelphia's two largest newspapers.

Philadelphia Newspapers Inc. filed for Chapter 11 bankruptcy on Sunday, citing debts of $390 million. The company said it will continue normal operations without interruption during the debt-restructuring process.

On Monday, the largest union at the company, the Newspaper Guild of Greater Philadelphia, advised its members that senior management said the union contract would be honored. The contract was reached in 2006 and lasts through Aug. 31 of this year. The union says it expects to begin negotiations for a new contract soon.

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