By: E&P Staff
The court overseeing Tribune Co.’s increasingly contentious 19-month bankruptcy case appointed a mediator Wednesday to assist in the Chicago media giant’s talks with its various creditors.
U.S. Bankrtupcy Judge Kevin Gross was named mediator for the tangled talks.
“We’re pleased that the court has appointed a mediator—this is a clear sign that reaching consensus is a valuable part of this process,” Tribune CEO Randy Michaels said in a statement. “We welcome Judge Gross’ participation in the process and we look forward to his wisdom and guidance as we move forward.”
As previously reported, Tribune’s board of directors has named a special committee to oversee the company’s Chapter 11 process. The committee is composed of four independent directors who joined the board on or after the controversial 2007 leveraged buyout of Tribune engineered by its current chairman, Sam Zell.