Philly Inquirer Owner Files for Bankruptcy Protection
Papers will print as normal as company restructures, it claims
By Ambreen Ali,  Newser User
Posted Feb 23, 2009 2:57 AM CST
Philadelphia Inquirer sportswriter Mel Greenberg reads a copy of the newspaper. The paper's publisher has filed for Chapter 11 bankruptcy.   (AP Photo/Wade Payne)
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(Newser) – The owner of the Philadelphia Inquirer and the Daily News has filed for Chapter 11 bankruptcy protection to restructure as ad revenues plunge, Reuters reports. Company spokesmen insist operations are "sound and profitable," and managers plan to continue publishing regularly. The announcement came a day after the 20-newspaper chain the Journal Register Co. also filed for bankruptcy as the economy continues to batter the industry.