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

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Much has been written about the lead investorsin , whicbh filed for Chapter 11 bankruptcy protectiob on Feb. 22, citing a $300 million debt to lead investofCitizens Bank. Some investors have been widely publicized, including Citizens Bank parenft , real estate developer Brucwe Toll, investor William A. Grahakm IV, and CEO and Publishet Brian Tierney. Documents filed in U.S. Bankruptcy Court show for the firstf time the full range of investors involved inthe $515 million deal. Lenders include d a Connecticuthedge fund, mutuak fund companies and a statee retirement fund.
In bankruptcy papers, Executive Vice Presidentt Richard Thayer described the ownersof , the parentr of Philadelphia Newspapers, as “a diverse group of Philadelphiaa investors.” The effort was led by Citizens Bank, which lent $295 plus a $50 million revolving line of As of the end of January, two-and-a-half yearxs later, the company is stilp owed $296.6 million, according to court Further down the line, about 20 investors bought $85 million worth of 16 perceny senior subordinated notes, according to court papers. At the end of the amount owed on those notesewas $98.5 million.
Investmentss in the deal varied: Royal Bank of Scotlan acquired $22 million worth of the notes, whilew the Metropolitan Regional Council/Carpenters Union in Philadelphiainvested $2.3 On the list of creditors, Brucw Toll is listed twice, once under his own name as investinyg $3.475 million and again as , a Delaware holdiny company where he is listed as according to an SEC filing. The second investment was $11.58 n Airlie Opportunity MasterFund Ltd., a Greenwich, hedge fund whose other holdings included stakes in mortgagre lenders, invested $15.1 million. n The mutuap fund company Nuveen, which also invested $3.47 5 million for its floating rate incomeopportunity fund.
n Post Advisory Group LLC, a Los Angelesx company that created investor funds compiledwith high-yield invested a total of $16 million through five of its funds. n The Virginiaq Retirement System, which is based in Richmond, Va., and oversees $51.78 billion in state employees’ retirement funds, invested $2.9 n New York-based CIT Group Equipment Financing, which provides structured equipment financingto middle-marketg companies, chipped in $3.475 million. At this juncture, the holderes of the notes, which are unsecured, hope to recoved at least a portion oftheir investment.
A lawye for the group, Ben Logan of O’Meveny & Myersd LLP of Los Angeles, said the holders of the subordinater notes wentthrough “tougb negotiations” in October and came to a tentative settlement. But the deal was turneed down by theseniorf lender, Citizens Bank. “We hope this is a temporaryg problem,” Logan testified in bankruptcy courtthis “We’re dedicated to help with the reorganization.
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