So much for keeping it local.
Local investors: $130 million
Senior lenders: $135 million
Besides that, details are hidden in murk, though sources tell the Daily News that the senior lenders’ provision of terminating the thousands of union workers just to hire 51 percent of them back at lower wages has been eliminated, allegedly.
"We didn't make it," Tierney said. "I think I'll go home tonight and sleep like a baby, which means I'll wake up every hour crying."
Tierney said he was happy with the level of debt that would be left on the company, which was about half of what he expected it to be.
According to company spokesman Jay Devine, that level would be about $40 million.
The local group's final offer had been the equivalent of $125 million, which included $95 million cash plus giving the senior lenders the company's North Broad Street headquarters building, which the company valued at about $30 million.
Stay tuned for more details as they unfold.
Creditors, who are most likely pissed off, must put up real cash -- not the money owed to them -- for the Daily News and the Inky.
After more than a year, the auction is happening—right now. One shall rise, two shall fall (bidders, that is).
Last Monday, the Phillies signed franchise slugger Ryan Howard to a staggering five-year, $125 million contract extension. Two days after the extension was made public, a similar sum was paid for a much different entity: Philadelphia Media Holdings’ lenders shelled out $135 million at auction for the bankrupt Inquirer, Daily News and Philly.com.
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