The judge in Tribune Co.'s bankruptcy proceeding said Tuesday that he hopes to issue a decision "soon" in the nearly 3-year-old case.
The prediction, though vague, represented U.S. Bankruptcy Judge Kevin Carey's first indication on the timing of a decision since he began deliberating at the beginning of July.
For Tribune Co. to emerge from bankruptcy, Carey must decide between two competing plans for reorganizing the Chicago-based media company: one proposed by the company, a group of senior creditors and the Official Committee of Unsecured Creditors, and the other proposed by hedge fund Aurelius Capital Management and other junior creditors.
"Don't sit by your computers yet," Carey told a group of lawyers attending a hearing in Delaware. "But I hope to have something soon."
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Bankruptcy judge approves Tribune Co. bonus plan, says he's closer to a decision on reorganization
Thursday, October 06, 2011
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