As the news industry continues to struggle with falling ad revenues, the publisher of Philadelphia's two major papers — the Inquirer and the Daily News — has filed for protection from creditors.
It wasn't long ago that flying pigs were projected on the side of the building that houses the two papers. The papers' new owners launched the PR campaign, including radio ads, in response to skeptics who said pigs would fly before the newspapers would make money.
But the company started missing payments on its debt last summer, as the deteriorating economy took an even bigger bite out of advertising revenues.
On Sunday night, the company filed for Chapter 11 bankruptcy protection to restructure a debt load of nearly $400 million.
Officials said the newspapers would continue publishing.
Also this weekend, the Journal Register Co. filed for bankruptcy. That company, based in Yardley, Pa., owns 27 dailies, including The New Haven Register.
The moves follow January's bankruptcy of The Minneapolis Star Tribune and December's bankruptcty of the even bigger Tribune Co., owner of the Los Angeles Times and Chicago Tribune.