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On February 22, 2009, Philadelphia Newspapers, LLC and certain affiliates (together, “Philadelphia Newspapers” or the “Debtors”) filed voluntary petitions to reorganize under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Pennsylvania (the "Bankruptcy Court").
The questions and answers that follow provide general information concerning the Philadelphia Newspapers cases, the Official Committee of Unsecured Creditors of Philadelphia Newspapers, et al. (the "Committee"), and various topics related to the Philadelphia Newspapers cases and the Committee.
What is the Committee?
Pursuant to the Bankruptcy Code, the United States Trustee is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors' committee is a group of general unsecured creditors (typically seven) appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors' committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization (a "Plan"). The overarching goal of a creditors' committee is to maximize value for general unsecured creditors.
In accordance with this authority, on March 2, 2009, the United States Trustee appointed the Committee.
What is the Committee's role in the Philadelphia Newspapers Case?
Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the Philadelphia Newspapers Case; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses and the desirability of the continuance of such businesses, and any other matter relevant to the Philadelphia Newspapers Case or to the formulation of a Plan; (3) participate in the formulation of a Plan, advise those represented by the Committee of the Committee's determinations as to any Plan formulated, and collect and file with the court acceptances or rejections of a Plan; (4) request the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interests of the unsecured creditors.
Who represents the Committee?
The Committee retained O'Melveny & Myers LLP to act as its lead counsel and Eckert Seamans Cherin & Mellott, LLC to act as its co-counsel.
Which Philadelphia Newspapers entities are in bankruptcy?
Main Debtor
Philadelphia Newspapers, LLC
Case No. 09-11204 (JKF)
Related Debtors:
Broad Street Video, LLC
Case No. 09-11205 (JKF)
Philadelphia Media, LLC
Case No. 09-11206 (JKF)
PMH Acquisition, LLC
Case No. 09-11207 (JKF)
Philadelphia Direct, LLC
Case No. 09-11208 (JKF)
Broad Street Publishing, LLC
Case No. 09-11209 (JKF)
Philly Online, LLC
Case No. 09-11211 (JKF)
PMH Holdings, LLC
Case No. 09-11212 (JKF)
Who is the United States Trustee?
The United States Trustee for the Philadelphia Newspapers Case is Roberta A. Deangelis and the Senior Assistant U.S. Trustee is Frederic J. Baker. The Trial Attorney assigned to the Philadelphia Newspaper cases is David Klauder.
What role does the United States Trustee Play?
The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit: www.usdoj.gov/ust/r03.
Does the Committee represent individual creditors?
No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represent individual creditors that may have claims in the Philadelphia Newspapers Cases.
What is the deadline for filing proofs of claims?
On April 21, 2009, the United States Bankruptcy Court entered an Order establishing May 26, 2009 at 5:00 p.m. (prevailing Eastern Time) as the General Bar Date for the filing of proofs of claim against the Debtors in these cases, and August 21, 2009 at 5:00 p.m. (prevailing Eastern Time) as the Government Bar Date for the filing of proofs of claim against the Debtors in these cases.
Do I need to file a proof of claim?
If you believe that you or an entity you represent has a claim arising prior to February 22, 2009 against one or more of the Debtors, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the Philadelphia Newspapers Cases. For additional information regarding proofs of claim, please refer to: Have the Debtors filed any Chapter 11 plan(s) or disclosure statement(s)?
Have the Debtors filed any Chapter 11 plan(s) or disclosure statement(s)?
Debtors’ Joint Chapter 11 Plan as of August 20, 2009 and their Disclosure Statement with Respect to the Joint Chapter 11 Plan Dated as of August 20, 2009 were filed with the Bankruptcy Court. A hearing to consider approval of the Disclosure Statement was scheduled for September 29, 2009 at 10:00 a.m. (prevailing Eastern Time). To view these documents, please click on the Plan of Reorganization and Disclosure Statement link on the left side of the page.
How long will the Philadelphia Newspapers case last?
There is no specific time estimate for the Philadelphia Newspapers Case.
How do I get responses to specific questions?
Please call 1-866-397-7085 or email your questions to PNCommittee@gardencitygroup.com.
Who is the judge presiding over the Philadelphia Newspapers Case?
The Philadelphia Newspapers Case has been assigned to the Honorable Jean K. FitzSimon, United States Bankruptcy Judge for the Eastern District of Pennsylvania.
For additional frequently asked questions regarding the Debtors, please visit the Philadelphia Newspapers’ website: www.philly.com.
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