Revolution Capital Group of Los Angeles, has filed a $5.75 million bid to buy the Boston Herald and is asking a federal bankruptcy court to un- seat GateHouse Media’s initial $5 million offer as the auction’s stalking-horse bidder, the Boston Herald reported. Revolution’s bid is the second competitive offer made since the Herald declared bankruptcy last month, citing negative trends in newspaper advertising. The new offer tops GateHouse’s initial bid in pledging $3 million in cash, $2 million in severance for employees, and $750,000 in accrued paid time off for employees who are offered jobs to work after the sale. Revolution asked the court to throw out the $200,000 break-up fee requested by GateHouse in the event that a higher bidder is accepted and to name Revolution the new stalking-horse bidder because its offer is higher.
