Tribune Co. Files New Reorganization Plan

Posted Monday, October 25, 2010 12:00 am

By: E&P Staff

By Julie Johnsson | Tribune reporter

Bankruptcy judge says creditors can sue Zell, others

Tribune Co. filed its latest plan to emerge from Chapter 11 protection late Friday night, hoping that it had sufficient creditor backing to win a Delaware bankruptcy court's confirmation and end its contentious two-year bankruptcy.

But the Chicago-based media firm is by no means assured of success, even though it filed the reorganization plan jointly with a significant group of creditors: the Official Committee of Unsecured Creditors, JPMorgan Chase and hedge funds Oaktree Capital Management and Angelo, Gordon & Co.

By next Friday's deadline, other creditors seeking a richer payout from the bankruptcy estate are expected to present competing plans for concluding the messy restructuring, which has been rocked by shifting alliances and pitched legal battles over how much creditors should receive and who should be held responsible for paying them.

chicagotribune.com

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Tribune Co. Files New Reorganization Plan

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