U.S. Bankruptcy Judge Kevin Carey in the U.S. Bankruptcy Court in the District of Delaware ruled in favor of Tribune’s creditors, namely the company’ noteholders, when he agreed to temporarily halt the company’s bankruptcy exit, a Bloomberg article said.
The halt comes with terms that the creditors must agree to post a $1.5 billion bond. The noteholders said they would be harmed if the company exited bankruptcy before they could have a chance to try to overturn Tribune’s plan of reorganization in a higher court.
To read the Bloomberg article in its entirety, click here.
Previously on abfjournal.com: