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Philadelphia Newspapers Files Chapter 11

(CN) - Philadelphia Newspapers, owner of The Inquirer and the Philadelphia Daily News, has filed for Chapter 11 bankruptcy, declaring $390 million in debts. The company, which sold for $62 million in 2006, will continue operating while it negotiates with creditors.

The filing is the latest in a wave of newspaper bankruptcies. The Journal Register, publisher of the New Haven Register, also filed for bankruptcy on Saturday. The New York Times has suspended paying dividends, the Minneapolis Star Tribune filed for bankruptcy in January and the Tribune Co., publisher of the Chicago Tribune and the Los Angeles Times, filed for bankruptcy in December.

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