Court Approves Tribune’s Reorganization Plan
U.S. Bankruptcy Judge Kevin Carey has approved Tribune Co.’s reorganization plan, overruling minor objections to the plan, and saying he would sign off on it once final wording changes were made, a BusinessWeek article reported.
The approval comes almost four years after the company filed for Chapter 11 protection in the U.s. Bankruptcy Court of the District of Delaware. Judge Carey’s ruling is one of two rulings the newspaper publisher needs before it can emerge from bankruptcy protection, the article said. Tribune still needs the approval from the FCC in order to transfer its TV and radio licenses to its new owners.
This is the second time that Tribune has tried to get approval of its plan that settles legal claims against certain of its senior lenders, including JPMorgan Chase, Oaktree Capital Management and Angelo, Gordon & Co, which funded its 2007 buyout.
To read the BusinessWeek article in its entirety, click here.
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