Judge Rejects Both Tribune Bankruptcy Exit Plans

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By: Michael Oneal, Jerry Hirsch and Walter Hamilton | LA Times

The judge in Tribune Co.’s bankruptcy case rejected two competing plans for reorganizing the company, leaving the Chapter 11 proceeding unresolved after nearly three contentious years in court.

In a 126-page opinion, U.S. Bankruptcy Judge Kevin J. Carey said neither plan was confirmable under the Bankruptcy Code and threatened to appoint a bankruptcy trustee to resolve the case if the company and its warring creditors can’t come up with a viable solution soon.

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