The Philadelphia Inquirer, Daily News and philly.com will live to fight another day—and with new owners—if creditors and a bankruptcy judge approve a plan filed late Thursday by publisher Philadelphia Media Holdings, LLC. Under the plan, a local group led by home building exec and PMH Chairman Bruce Toll would put up $52 million ($35 million in new equity and a $17 million letter of credit) to acquire non-real estate assets and while creditors would get roughly $66 million (Reuters reports $37 million in cash and $29 million in Center City real estate. Another $25 million would go to pay bankruptcy exit costs. The new owner would get the assets debt-free and, under this plan, it looks like PMH CEO Brian Tierney would stay on the job. The process, which includes a fair-market price review, will take at least 60-90 days.

Toll was part of the original group that bought the papers from McClatch for about $562 million. The company has been saddled with debt ever since and filed for bankruptcy in February, claiming $390 million in debt. Release.