The owner of two Philadelphia newspapers began bankruptcy proceedings, the Associated Press on Monday, 23 February.
AP notes that the company Philadelphia Newspapers, which publishes the newspaper The Philadelphia Inquirer and Philadelphia Daily News, was the second media, apply for bankruptcy in the last two days in the U.S..
To initiate procedures for a debt restructuring the company, which is 390 million dollars. Nevertheless, representatives of Philadelphia Newspapers said that it was not going to stop the production of publications.
In the U.S., this is the fourth event of the beginning of bankruptcy proceedings in recent times. February 21, the procedure of bankruptcy, temporary protection from creditors' claims, the company resorted Journal Register (publishes 179 newspapers). In January, in Minnesota began bankruptcy newspaper The Star Tribune. In December 2008, bankruptcy proceedings start the Chicago company Tribune Co.