Bankrupt Boston Herald gets another purchase offer
A second offer has surfaced for the beleaguered newspaper that filed for bankruptcy last month.
A second offer has surfaced for a Boston newspaper that filed for bankruptcy last month.
Tampa, Florida-based Revolution Capital Group is making a $5.75m (£4.24m) bid for the Boston Herald.
The offer was filed Tuesday (2 January) in a US Bankruptcy Court in Delaware.
The latest bid for the tabloid includes $3m for the company, $2m in severance payments and $750,000 toward employees' paid time off.
GateHouse Media previously made an $5m offer for the Herald.
Both prospective buyers say they plan to keep 175 of the newspaper's approximately 240 employees.
Revolution Capital previously owned the Tampa Tribune.
Herald publisher Patrick Purcell citied pension liabilities, declining revenue, digital media and growing competition for the decision to file for Chapter 11 bankruptcy.
The Herald traces its history to the mid-1800s.
