Sale of Philly's Inquirer Falls Apart

It and the city's Daily News are in limbo
By Evann Gastaldo,  Newser Staff
Posted Sep 14, 2010 12:58 PM CDT
A Philadelphia Inquirer and the Philadelphia Daily News, center left, building vending machines are seen in Philadelphia, Tuesday, April 27, 2010.   (AP Photo/Matt Rourke)

(Newser) – The sale of the Philadelphia's two major newspapers has come to an abrupt halt. Creditors were expected to close today on a $139 million bankruptcy sale of the Inquirer and the Daily News, but the deal fell apart when the Teamsters balked at changing their pension plan, reports Bloomberg. The publisher has enough money to keep printing for the time being, until the next step can be figured out. “There is no reason for panic by anyone,” says a lawyer for the media company. “There are no worries about shutting down.” For more media news, click here. (Read more Philadelphia Inquirer stories.)

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