The Philadelphia Inquirer and the Philadelphia Daily News could stay in local hands and shed about $300 million in debt if housing executive Bruce Toll and other local investors prevail. That group said Wednesday it will revise its initial bid of about $60 million in cash and real estate, plus a $17 million line of credit, before Friday's bid deadline.
A group of creditors, including banks and hedge funds, has also pledged to make a strong cash bid.
The company expects several other bidders.
Toll and others bought the company in 2006 for $515 million. But the newspapers have faced industrywide declines in advertising revenue since then.
