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CONFIRMATION:
On October
31, 2011, the Bankruptcy Court entered an Order denying confirmation
(the "Confirmation Opinion") of each of the two competing plans of
reorganization for the Debtors: the Second Amended Joint Plan of
Reorganization for the Debtors Proposed by the Debtors, the Official
Committee of Unsecured Creditors, Oaktree Capital Management, L.P.,
Angelo, Gordon & Co., L.P., and JPMorgan Chase Bank N.A. (as
modified April 26, 2011) (the “Second Amended DCL Plan”) and the Third
Amended Joint Plan of Reorganization for Tribune Company and its
Subsidiaries Proposed by Aurelius Capital Management, LP, on Behalf of
its Managed Entities, Deutsche Bank Trust Company Americas, in its
Capacity as Successor Indenture Trustee for Certain Series of Senior
Notes, Law Debenture Trust Company of New York, in its Capacity as
Successor Indenture Trustee for Certain Series of Senior Notes, and
Wilmington Trust Company, in its Capacity as Successor Indenture Trustee
for the PHONES Notes (the “Noteholder Plan”).
On Friday,
November 18, 2011, the Debtors, the Official Committee of Unsecured
Creditors, Oaktree Capital Management, L.P., Angelo, Gordon & Co.,
L.P., and JPMorgan Chase Bank N.A. (the “DCL Plan Proponents”) filed the
Third Amended Joint Plan of Reorganization For Tribune Company and Its
Subsidiaries (the “Third Amended DCL Plan”), together with a supplement
to the previously-approved disclosures respecting the Second Amended DCL
Plan (the “Supplemental Disclosure Document"), which describes the
modifications reflected in the Third Amended DCL Plan that were made to
address the issues identified in the Confirmation Opinion as preventing
confirmation of the Plan.
Notice will be provided to creditors
and parties in interest once the Bankruptcy Court schedules the date and
time for the hearing to consider approval of the Supplemental
Disclosure Document and establishment of procedures for certain
creditors affected by the modifications reflected in the Third Amended
DCL Plan to re-vote on and make elections under such Plan.
Please click for links to the Confirmation Opinion and related order, the Third Amended DCL Plan, the Noteholder Plan, the Supplemental Disclosure Documents, and other confirmation related documents. |
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