owns the papers, filed for Chapter 11 bankruptcy protection. Philadelphia Media Holdings hoped to restructure its US$390 million in debt it incurred when buying the newspapers. The bankruptcy declaration was the beginning of a year-long dispute between Philadelphia Media Holdings and its creditors. The group of creditors, which include banks and hedge funds, wanted to take control of Philadelphia Newspapers LLC themselves and opposed efforts by Philadelphia Media Holdings to keep control. Philadelphia Media Holdings received support form most of the paper's unions and launched a public-relations campaign to promote local ownership. A bankruptcy auction was held on April 28, 2010. The group of lending creditors and a group of local investors allied with Brian Tierney both bid for Philadelphia Newspapers, but the lenders had the winning bid. On May 21, Brian Tierney stepped down as CEO of Philadelphia Media Holdings and was replaced by Joseph Bondi, the company's restructuring adviser. The deal fell through after the group of lenders, under the name of Philadelphia Media Network, was unable to agree on a contract agreement with the union representing the company's drivers. The papers went up for auction again in September, with Philadelphia Media Network competing with Raymond Perelman, father of Ronald Perelman. Philadelphia Media Network again won the auction and, after successfully negotiating a contract with the all of the papers' fourteen unions, the US$139 million deal became official on October 8. Publications Philadelphia Media Holdings owned and published Philadelphia, Pennsylvania, United States two major morning daily newspapers, The Philadelphia Inquirer and Philadelphia Daily News. The company also published three suburban weeklies, The Trend, the Northeast Times, and Star Publications. The magazine publishing division of The Philadelphia Inquirer was called Broad Street Magazines and published six magazines. The magazines were Home & Living, Adult 55+, Beach & Bay, My Wedding, Communities, and Phillycars. References Defunct mass media companies of the United States Defunct newspaper companies of the United States Companies based in Philadelphia 2006 establishments in Pennsylvania American companies established in 2006 Mass media companies established in 2006 Publishing companies established in 2006 Mass media companies disestablished in 2010 Holding companies established in 2006 Holding companies of the United States Companies that filed for Chapter 11 bankruptcy in 2009