Staff Blog
Memo: Philadelphia Media Holdings files for Chapter 11 Bankruptcy Protection
Philebrity posted on Sunday night a memo ostensibly from Newspaper Guild of Greater Philadelphia president Dan Gross to fellow members:
Dear Guild Member,
As you all should be aware, Philadelphia Media Holdings, (”PMH”), the owner of the Philadelphia Inquirer and The Daily News, has filed for Chapter 11 Bankruptcy protection.
The Chapter 11 Bankruptcy process is intended to permit a company to continue in operation by restructuring its contractual and financial obligations. Because Guild members provide essential services, your wages and benefits under our collective bargaining agreement for services rendered, after the petition was filed, will continue to be honored.
As hard as it may sound, please stay calm. The company is still in business, the papers are still publishing and you should still report for work.
Here is what this means to our members and how the filing affects our contract:(read rest of the memo at Philebrity).
While filing for Chapter 11 connotes something different than it once did — back in the day, filing meant you were S.O.L.; these days, not so much: Creative Loafing filed for Chapter 11 back in September and is still among the living — it's still a sign that something's broken.
Stay tuned; we'll keep you posted as this develops.
More: CBS3: We're hearing it, too.
No Fat Tuesday for someone this week.
Fuck.
Did Joey clap? Hard?
[...] papers file for bankruptcy protection Jump to Comments Philadelphia Media Holdings files for Chapter 11 Bankruptcy Protection. [...]
Couldn’t happen to a nicer guy - Mr. Mouthpiece for the Archdiocese of Philadelphia himself.
philly used to have 2 fine papers. now, not so much
does bankruptcy mean the termination of healthcare benfits for employees? yes, i think it could.
http://www.dol.gov/ebsa/newsroom/fsbankruptcy.html
If an employer declares bankruptcy, it will generally take one of two forms: reorganization under Chapter 11 of the Bankruptcy Code, or liquidation under Chapter 7. A Chapter 11 (reorganization) usually means that the company continues in business under the court’s protection while attempting to reorganize its financial affairs. A Chapter 11 bankruptcy may or may not affect your pension or health plan. In some cases, plans continue to exist throughout the reorganization process. In a Chapter 7 bankruptcy, the company liquidates its assets to pay its creditors and ceases to exist. Therefore, it is likely your pension and health plans will be terminated.
When your employer files for bankruptcy you should contact the administrator of each plan or your union representative (if you are represented by a union) to request an explanation of the status of your plan or benefits. The summary plan description will tell how to get in touch with the plan administrator. Questions that you may want to ask include:
When your employer files for bankruptcy you should contact the administrator of each plan or your union representative (if you are represented by a union) to request an explanation of the status of your plan or benefits. The summary plan description will tell how to get in touch with the plan administrator. Questions that you may want to ask include:
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Will the plan continue or will it be terminated?
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Who will be acting as plan administrator of the plans during and after the bankruptcy, and who will be the trustee in charge of the pension plan?
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If the pension plan is to be terminated, how will accrued benefits be paid?
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Will COBRA continuation coverage be offered to terminated employees?
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If the health plan is to be terminated, how will outstanding health claims be paid, and when will certificates of creditable coverage (showing, among other things, the dates of enrollment in your employer’s health plan) be issued?
Know Your Plan
Know the plan rules that govern the way your pension assets and health benefits are treated when the plan is terminated. The following documents contain valuable information about your health and pension plans and should be helpful to you. You should be able to obtain most of them from your plan administrator, employer, or union representative.
[...] Staff Blog• Earthquake to city: Let’s show some respect, police vigil today at 4 p.m.• Memo: Philadelphia Media Holdings files for Chapter 11 Bankruptcy Protection• ArtsFlash: Red Carpet Oscar Party, Sunday at the Ethical Society• The Economist picks [...]
Does it really “mean something different” if the law hasn’t changed that much? Chapter 11 has always been reorganization rather than Chapter 7 liquidation. It may be that the existence of e.g. subprime lending facilities and junk bond investment sources can make it easier to do an 11 than a generation ago. (You usually need to be able to get some kind of investment in bankruptcy or there’s no point.) But I think we’re just seeing a spike associated with a major recession, not a change in the nature of bankruptcy itself.
[...] Philadelphia Citypaper [...]
[...] of a guilty man?• Earthquake to city: Let’s show some respect, police vigil today at 4 p.m.• Memo: Philadelphia Media Holdings files for Chapter 11 Bankruptcy Protection• ArtsFlash: Red Carpet Oscar Party, Sunday at the Ethical Society• The Economist picks [...]
@lakefxdan: I guess what I was trying to get at is not that there’s been a change in the law, but maybe a change in perception, or in the public understanding of “filing for bankruptcy” vs. “filing for bankruptcy protection.” Anecdotally, it seems the word “protection” is much more emphasized in these stories now than in the past. Maybe it’s because, as you suggest, there’s been a spike in chapter 11 filings whereas the stories i’m recalling from days past involved chapter 7.
[...] of a guilty man?• Earthquake to city: Let’s show some respect, police vigil today at 4 p.m.• Memo: Philadelphia Media Holdings files for Chapter 11 Bankruptcy Protection• ArtsFlash: Red Carpet Oscar Party, Sunday at the Ethical Society• The Economist picks [...]