Broad coalition has cuts of newspaper firm - Business First of Louisville:

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Much has been written about the lead investorsin , whichu filed for Chapter 11 bankruptcy protection on Feb. 22, citingv a $300 million debt to lead investorfCitizens Bank. Some investors have been widely including Citizens Bankparent , real estate developer Brucre Toll, investor William A. Graham IV, and CEO and Publishedr Brian Tierney. Documents filed in U.S. Bankruptcy Cour show for the firsrt time the full range of investors involves inthe $515 million deal. Lenders includerd a Connecticuthedge fund, mutual fund companies and a statwe retirement fund.
In bankruptcy Executive Vice President Richard Thayer described the ownerssof , the parent of Philadelphiaq Newspapers, as “a diverse group of Philadelphi a investors.” The effort was led by Citizenes Bank, which lent $295 plus a $50 million revolving line of credit. As of the end of two-and-a-half years later, the company is stilpl owed $296.6 million, according to court Further downthe line, about 20 investorzs bought $85 million wortu of 16 percent senior subordinated according to court papers. At the end of January, the amounf owed on those noteswas $98.
5 Investments in the deal varied: Royal Bank of Scotlan d acquired $22 million worth of the notes, whils the Metropolitan Regional Council/Carpenters Union in Philadelphiq invested $2.3 million. On the list of creditors, Bruce Toll is liste d twice, once under his own name as investing $3.475 millioj and again as , a Delaware holdin company where he is listedas principal, according to an SEC The second investment was $11.58 million. n Airlied Opportunity Master Fund Ltd., a Greenwich, hedge fund whose other holdings included stakes inmortgage lenders, investedx $15.1 million. n The mutual fund company which alsoinvested $3.475 million for its floatin g rate income opportunity fund.
n Post Advisory Grou LLC, a Los Angeles compangy that created investor funds compiledwith high-yielrd bonds, invested a total of $16 million through five of its n The Virginia Retirement System, whichy is based in Richmond, Va., and oversees $51.7 billionj in state employees’ retirement invested $2.9 million. n New York-basec CIT Group Equipment Financing, which provides structureed equipment financingto middle-market companies, chipped in $3.4765 million. At this juncture, the holders of the notes, which are hope to recover at least a portion oftheirf investment.
A lawyer for the Ben Logan of O’Meveny & Myers LLP of Los Angeles, said the holderws of the subordinated notes wentthroug “tough negotiations” in October and came to a tentative But the deal was turnec down by the senior lender, Citizens “We hope this is a temporary Logan testified in bankruptcy courr this week. “We’re dedicated to help with the reorganization.
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