Tribune Files Amended Plan of Reorganization Seeks February Confirmation Hearing and Prompt Exit from Chapter 11
CHICAGO, Nov. 18, 2011 /PRNewswire/ -- Tribune Company today announced that it has filed with the United States Bankruptcy Court for the District of Delaware a Third Amended Plan of Reorganization that it believes addresses the court's concerns as expressed in its decision last month. Tribune's amended plan continues to have the support of its co-proponents, the Unsecured Creditors Committee, Oaktree Capital Management, L.P., Angelo, Gordon & Co, L.P., and JPMorgan Chase Bank. The company is requesting a confirmation hearing in February, 2012.
In its October opinion, the court approved the $534 million settlement of certain claims arising from the company's 2007 leveraged buyout transactions, and the amended plan continues to implement that settlement. The amended plan includes modifications that comply with the rulings and findings made by the court. The amended plan also contains an Allocation Dispute Protocol that would allow the court to resolve potential inter-creditor disputes regarding amounts that will be paid to various groups of creditors without interfering with the company's efforts to secure prompt confirmation of the amended plan and the company's subsequent emergence from bankruptcy.
At the court-ordered status conference scheduled for Tuesday, November 22nd, the company will ask for a hearing in December, at which time it will seek court approval of an accelerated timetable for approval of a Supplemental Disclosure Statement and a re-solicitation of votes limited to certain affected creditor classes.
TRIBUNE is one of the country's leading multimedia companies, operating businesses in broadcasting, publishing, and interactive. The company's broadcasting group owns or 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