The purpose of the initiated procedure is re-structuring of debts of the company which makes 390 million dollars. Nevertheless, representatives of the Philadelphia Newspapers stated about no intention to stop releasing the editions.
In the USA it is yet the fourth case of the beginning of procedure of bankruptcy lately. On February, 21st the Journal Register Co (publishes 179 newspapers) resorted to the procedure of bankruptcy temporarily protecting from requirements of creditors. In January, in Minnesota The Star Tribune newspaper begun getting a bankrupt. In December, 2008 the Chicago Tribune Co started the procedure of bankruptcy.
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