Hedge Funds Sue Banks that Funded Tribune Co. Buyout

By: E&P Staff

By Michael Oneal, Chicago Tribune

A group of hedge funds has sued the banks that funded Tribune Co.’s 2007 leveraged buyout, alleging that the lenders knowingly rendered the company insolvent and precipitated its 2008 bankruptcy.

The lawsuit, filed Friday in New York state court against banks owned by JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., is not technically part of Tribune Co.’s contentious Chapter 11 case playing out in U.S. Bankruptcy Court in Delaware.

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