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Fund Aims To Halt Philly Newspaper Sale Amid Appeal
UPDATE: Fund Aims To Halt Philly Newspapers' Sale Amid Appeal - WSJ.com
A pension fund affiliated with the International Brotherhood of Teamsters is appealing Philadelphia Newspapers LLC's restructuring plan, which it fears will create a "financial calamity" for the union's pension beneficiaries.
After failing to block confirmation of the newspaper publisher's Chapter 11 plan of reorganization, the Teamsters Pension Trust Fund of Philadelphia & Vicinity is asking the bankruptcy court to temporarily halt that plan--which calls for the sale of the newspaper publisher to its lenders--from taking effect while the fund appeals the plan.