Tribune Company Announces Chapter 11 Voting Results
CHICAGO, Feb. 11, 2011 /PRNewswire/ -- Tribune Company today announced that the results of the voting on the two proposed Plans of Reorganization pending before the U.S. Bankruptcy Court for the District of Delaware overseeing its Chapter 11 proceedings have been filed with the court by the court-appointed voting agent.
The company's plan, also supported by its co-proponents, the Official Committee of Unsecured Creditors, JPMorgan Chase Bank, N.A., Angelo Gordon & Co., L.P., and Oaktree Capital Management, L.P., was overwhelmingly approved by the holders of the Senior Loan Claims and the Bridge Loan Claims, as well as most classes of trade and other general unsecured claimants. As expected, the company's plan was not approved by the holders of the Senior Noteholder Claims and the PHONES Notes Claims.
The plan being sponsored by Aurelius Capital Management, a large holder of Senior Noteholder Claims, and the indenture trustees for the Senior Notes and the PHONES Notes, was rejected by virtually all classes of voting creditors other than the Senior Noteholder Claims and PHONES Notes Claims classes.
"These results are as we expected and we are pleased that they confirm broad support for the restructuring plan supported by the Company and its co-proponents," said Don Liebentritt, Tribune's Chief Restructuring Officer. "We continue to prepare for the confirmation hearing set to begin on March 7th and remain confident that the court will confirm our plan over the Aurelius/Noteholder plan."
TRIBUNE is one of the country's leading multimedia companies, operating businesses in broadcasting, publishing, and interactive. The company's broadcasting group operates 23 television stations, WGN America on national cable and Chicago's WGN-AM. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.
SOURCE Tribune Company