N.Y. Post files for bankruptcy protection

March 16, 1993|By Bloomberg Business News

NEW YORK -- The New York Post, which was supposed to be sold to real estate developer Abraham Hirschfeld last Friday, filed for Chapter 11 bankruptcy protection yesterday.

Attorneys for Peter Kalikow, the paper's current owner, who is involved in personal bankruptcy proceedings, said the newspaper took the action, with Mr. Hirschfeld's consent, to prevent spurned bidder Steven Hoffenberg from interfering with the paper's operations.

The 192-year-old newspaper, founded by Alexander Hamilton, didn't publish yesterday because of a near-revolt by its staff, prompted by Sunday's announcement that Mr. Hirschfeld planned to fire 272 workers.

The cuts actually began over the weekend with the dismissal of recently appointed Editor-in-Chief Pete Hamill. Gerard Bray, Mr. Hamill's successor, quit Sunday to protest the planned firing of the first 72 employees, which took place yesterday morning.

A bankruptcy court had approved Mr. Hirschfeld's attempt to buy the Post on Friday, nullifying a February purchase agreement that financier Mr. Hoffenberg had reached. Mr. Hoffenberg, however, obtained a temporary injunction on Sunday that prevented Mr. Hirschfeld from taking over the newspaper.

Yesterday afternoon, Mr. Hoffenberg's attempt to claim 50 percent of the Post was rebuffed in state court.

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