Tribune Co. Braces for Competing Bankruptcy Plans

Posted Friday, October 29, 2010 12:00 am

By: E&P Staff

By Michael Oneal, Tribune reporter

Still recovering from a management scandal that claimed its chief executive a week ago, Tribune Co. is bracing for its next disruption: How to cope with legal challenges from Aurelius Capital Management and other unhappy creditors seeking to upend its bankruptcy case.

Creditors face a midnight Friday deadline for submitting restructuring plans that would contest a settlement filed Oct. 22 by Tribune Co., its biggest senior creditors and the committee charged with representing the company's junior creditors.

Aurelius intends to file a competing plan, said Mark Brodsky, chairman of the litigious New York hedge fund. So does a group of senior creditors known as the SoCal lenders, one of its lawyers confirmed. Another group of bridge loan lenders represented by Wells Fargo Bank also is considering a filing, although the group's lawyer, Thomas Lauria, of White & Case, said it may end up joining another opposition camp.

Read the full story here.

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Tribune Co. Braces for Competing Bankruptcy Plans

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