Bankruptcy

Philadelphia Inquirer Files for Chap. 11

The recession continues to hasten the death of newspapers: The Philadelphia Inquirer filed today for Chapter 11 the day after the Journal Register, publisher of the New Haven Register, filed for bankruptcy. Brian Tierney, the local public relations executive who led a $562 million takeover of the Inquirer and the Philadelphia Daily News in 2006, “said the operations of his Philadelphia Newspapers group remained ‘sound and profitable’ before interest payments, and that the planned restructuring would focus solely on its $390m of debt,” according to the Financial Times.