Message from Randy Michaels and Gerry Spector
Friday, September 17
A short time ago, one of our creditors, Oaktree Capital, filed its own proposal for a plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware. Without going into the details of their proposal, we want to share with you our views about the filing and its impact on the mediation process in which we are currently engaged.
Next week, Tribune and all of the major creditor constituencies in our Chapter 11 case will participate in a mediation aimed at, as the court order says, “resolving disputes in connection with the formulation and proposal of a confirmable plan of reorganization, including the appropriate resolution of the LBO-Related Causes of Action.”
We are are hopeful that the mediation will be successful and that when it is over, we will be in a position to proceed to the confirmation of an amended plan that we believe will have the prospect of substantial support. In the event that such a plan does not gain sufficient creditor support, the general approach contained in the Oak Tree Plan may provide the next best alternative and an expeditious pathway to confirmation.
For now, and until it is completed, we remain focused on the mediation process.
Randy and Gerry