Perelman Bids $27 million for Philly Papers

April 29, 2010 Updated: April 29, 2010

Investor Ronald Perelman has bid $27 million in an effort to acquire a company that owns Philadelphia’s two largest daily newspapers, the Inquirer and the Philadelphia Daily News as well as Philly.com, which are currently under bankruptcy.

The bids are part of a closed-door auction which started on Tuesday. The company is currently riddled with $318 million in debt.

According to the Philadelphia Inquirer, the bidding parties include a group of local Philadelphian investors, Perelman and his father Raymond Perelman, a group of senior creditors of the media company, as well as Stern Partners, Inc., a Canadian investment firm.