Bankruptcy Updates - February 05, 2011


A group of creditors of the Tribune known as the Bridge Lenders have withdrawn their plan for reorganizing the newspaper company. With this withdrawal there remain two proposals for the plans to exit the company from bankruptcy. Tribune Co. owns the Chicago Tribune, Los Angeles Times and about 20 broadcasters and other newspapers. The company filed for bankruptcy two years ago, less than a year after it was bought over by real estate developer Sam Zell in a leveraged buyout.

Last year, four different plans were proposed for reorganizing the newspaper company. Most bankruptcy cases only hear one plan for reorganizing. The Bridge Lenders have now agreed to withdraw its own plan and instead support that of the Tribune, which is based on a settlement among lenders JPMorgan Chase & Co and hedge funds Oak Tree Capital Management and Angelo, Gordon & Co.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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