(Crain's) — The federal judge overseeing the Tribune Co. bankruptcy case shot down a reorganization plan submitted by the Chicago-based media company, but also rejected a competing plan from a group of creditors.
A hearing is scheduled for Nov. 22. The decision was issued Monday by Judge Kevin Carey of U.S. Bankruptcy Court in Delaware.
The Chicago-based media company has attempted to exit Chapter 11 bankruptcy status after nearly three years of wrangling. It's one of the longest-running cases since bankruptcy rules were revised about six years ago to give creditors more leeway to shape reorganizations.
Tribune filed for bankruptcy in December 2008 under the weight of $13 billion in debt, a year after the company was taken private in an $8.2-billion leveraged buyout led by real estate mogul Sam Zell, who became its chairman.
Judge rejects both reorg plans for Tribune | Marketing/media | Crain's Chicago Business
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