(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
No comments:
Post a Comment
For now, we're opening this blog to Anonymous comments. This will continue as long as civility rules. Disagree as you may, just keep it clean and stay on topic. No profanity, and no name calling. We reserve the right to moderate such comments, though the person who made it may come back and reword their message in a more civil way.