Associated Press | Attorneys have agreed on the appointment of an independent bankruptcy examiner to look at issues surrounding the 2007 leveraged buyout of Tribune Co.

Attorneys in Tribune’s Chapter 11 case presented a proposed order Monday that outlines what the examiner would do.

Under the proposal, the examiner would rely on information already
submitted in the case because of questions raised by Tribune’s committee
of unsecured creditors and a group of bondholders. The examiner also
would review a settlement Tribune announced with certain creditors that
paved the way for the filing of its reorganization plan last week.

The bondholders allege that JPMorgan, Bank of America and other banks
that financed the buyout engaged in fraud because they knew the debt
load would leave Tribune insolvent.