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National Briefing / Pennsylvania

Newspaper firm files Chapter 11

February 23, 2009|TIMES WIRE REPORTS

The owner of the Philadelphia Inquirer and the Philadelphia Daily News filed for Chapter 11 bankruptcy protection in an effort to restructure its debt load.

Philadelphia Newspapers Inc., owned by Philadelphia Media Holdings, is the second newspaper company in two days, and fourth in recent months, to seek bankruptcy protection.

"This restructuring is focused solely on our debt, not our operations," Chief Executive Brian P. Tierney said in a statement. "Our operations are sound and profitable."

The company said it would continue the normal operations of its newspapers, magazines and online businesses without interruption during the debt-restructuring process.

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