Judge OKs spending by Philly newspapers

March 9, 2009 11:01:45 AM PDT
Philadelphia's two large daily newspapers have gotten approval to spend up to $1.15 million until its next bankruptcy hearing. The ruling came in a brief hearing Monday and will enable The Philadelphia Inquirer and Philadelphia Daily News to continue to use its cash through the next scheduled hearing on March 17.

Philadelphia Newspapers filed for Chapter 11 bankruptcy protection last month in an effort to restructure its $390 million debt load.

The next hearing is expected to cover a dispute between the company and some creditors over how to finance operations during the bankruptcy reorganization.

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