Tags: US | Tribune | Bankruptcy

Tribune Co. Files Bankruptcy Reorganization Plan

Monday, 12 Apr 2010 05:34 PM

Tribune has filed a bankruptcy reorganization plan that would allow it to keep its newspapers and broadcast stations while sharply reducing the debt that has threatened to sink the media company.

But two groups of lenders that say they are owed nearly $5 billion combined have signaled that they will try to block the plan. In a court filing earlier Monday, one group described a purported global settlement that forms the backbone of the reorganization plan "dead on arrival."

If the plan is approved, ownership of the Chicago-based company would go to a group of lenders that include JP Morgan Chase and Angelo, Gordon & Co. Those lenders support the plan.

The Tribune owns the Los Angeles Times, Chicago Tribune and other newspapers and broadcast stations.

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Tribune has filed a bankruptcy reorganization plan that would allow it to keep its newspapers and broadcast stations while sharply reducing the debt that has threatened to sink the media company.But two groups of lenders that say they are owed nearly $5 billion combined...
US,Tribune,Bankruptcy
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2010-34-12
Monday, 12 Apr 2010 05:34 PM
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