Philadelphia Newspapers Incorporated, which owns The Philadelphia Inquirer, The Philadelphia Daily News, Philly.com and Philadelphia Media Holdings - which prints The Daily Pennsylvanian - filed for bankruptcy yesterday.
The move is an attempt to restructure the company's $390 million in debt load.
According to a Philadelphia Inquirer article, advertising downturn, rising newsprint costs and migration of readers to the Internet led PNI to fall out of compliance with its loan agreements last year.
PNI said it filed for bankruptcy after being billed $13.4 million in penalty interest and fees over the last 11 months, according to the article.
However, the company said the filing will not interrupt daily operations.
"This restructuring is focused solely on our debt, not our operations," said Chief Executive Officer Brian Tierney.
