BUSINESS BRIEFS
Philadelphia Newspapers files for bankruptcy
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PHILADELPHIA — Philadelphia Newspapers LLC, which owns The Philadelphia Inquirer, the Philadelphia Daily News and http://www.Philly.com, filed for bankruptcy protection yesterday in a bid to restructure its $390 million in debt load.
The company, bought by a group of Philadelphia-area investors for $562 million in 2006, said the voluntary Chapter 11 filing would not interrupt its daily operations.
"This restructuring is focused solely on our debt, not our operations," chief executive officer Brian P. Tierney, who led the group that provided about $150 million of the purchase price three years ago, said in a news release.
EU BACKS NEW MARKET RULES
BERLIN — European leaders mounted a united front against the global financial crisis yesterday, proposing sweeping market regulations, but it was unclear whether economic giants such as the United States and China would go along.
Heads of government and finance ministers from Europe's largest economies joined German Chancellor Angela Merkel in Berlin to lay the groundwork for a common European position on reforms before an April 2 summit of the Group of 20 nations in London.
Leaders agreed to press for sanctions on tax havens, caps for managers' bonus payments and a stronger role and increased funding for the International Monetary Fund.
HONDA PRESIDENT STEPPING DOWN
TOKYO — Honda Motor Co. says Takeo Fukui is stepping down as president.
The Japanese automaker says Senior Managing Director Takanobu Ito, who oversees auto operations, will be promoted to president.
Ito and Fukui will give a news conference later in the day at Honda's Tokyo headquarters. Other details weren't immediately available.
MARRIOTT DOUBLES VEGAS TIME SHARE
LAS VEGAS — Despite the recession, hotel giant Marriott International Inc. plans to double the size of its time-share resort near the Las Vegas Strip.
Ed Kinney of Marriott Vacation Club International, says ground will break this year on the third tower at Marriott's Grand Chateau; a fourth tower will be developed after that.
Plans call for the Grand Chateau to have 895 villas about evenly split between four 37-floor towers. Construction on the first two towers is complete, with some of the towers being rented on a nightly basis.
