PHILADELPHIA – The chief executive of Philadelphia’s two largest daily newspapers pledged Tuesday to roll back a recent $232,000 raise while his company tries to reorganize in bankruptcy court, but lenders questioned whether he should run the debt-heavy business.

Philadelphia Newspapers LLC, which publishes The Philadelphia Inquirer and Philadelphia Daily News, filed for Chapter 11 bankruptcy protection on Sunday, 2 1/2 years after a group of local investors bought the company for more than $500 million.