Philadelphia Newspaper Inc. Files For Chapter 11 The owner of The Philadelphia Inquirer and Philadelphia Daily News has filed for bankruptcy in an effort to restructure its debt load. Philadelphia Newspapers Inc. filed for Chapter 11 protection Sunday.
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Philadelphia Newspaper Inc. Files For Chapter 11

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Philadelphia Newspaper Inc. Files For Chapter 11

Philadelphia Newspaper Inc. Files For Chapter 11

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STEVE INSKEEP, host:

NPR's business news starts with bankrupt newspapers.

(Soundbite of music)

INSKEEP: If it's Monday, it must be Philadelphia, which is the latest city to see its newspapers in trouble. The company that publishes the Philadelphia Inquirer and the Philadelphia Daily News is the latest to file for Chapter 11 bankruptcy protection. And we have more this morning from Joel Rose.

JOEL ROSE: It wasn't long ago that flying pigs were projected on the side of the building that houses the Philadelphia Inquirer and Daily news. The owners of the papers launched the PR campaign, including this radio ad, in response to skeptics who said pigs would fly before the newspapers would make money.

(Soundbite of radio ad)

Unidentified Man: Well, pigs appeared because Inquirer circulation is up for the first time in three years. Home delivery of the Daily News is at its highest point in six years.

ROSE: But the company started missing payments on its debt last summer, as the deteriorating economy took an even bigger bite out of advertising revenues. On Sunday night, the company filed for Chapter 11 bankruptcy protection to restructure a debt load of nearly $400 million. Official said the newspapers will continue publishing. Also this weekend, the Journal Register filed for bankruptcy. That company owns 27 dailies, including the New Haven Register. That follows last month's bankruptcy of the Minneapolis Star Tribune and the December bankruptcy of the even bigger Tribune Company, owner of the Los Angeles Times and the Chicago Tribune.

For NPR News, I'm Joel Rose in Philadelphia

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