Philadelphia papers sold to lenders for $135 million
"We didn't make it," says Philadelphia Newspapers CEO Brian Tierney (left). "I think I'll go home tonight and sleep like a baby, which means I'll wake up every hour crying." The sale price was $70 million in cash, $40 million in debt, plus real estate. Tierney and his partners bought the papers in 2006 for $515 million. || How it came to this.