Aurelius Capital Management, the largest junior creditor in the Tribune Co. bankruptcy case, on Monday amended its proposed plan for restructuring the media company in an attempt to make the plan more palatable to senior creditors and the judge presiding over the Chapter 11 proceedings. Get the full story »
Filed under: Bankruptcy
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Harry & David preparing to file for Chapter 11
Harry & David Holdings Inc., the mail-order food company known for its fruit baskets and Moose Munch snacks, is preparing to file for Chapter 11 bankruptcy protection as soon as Monday, the Wall Street Journal reported, citing sources. Get the full story »
Borders seeks to pay $8M in executive bonuses
Book retailer Borders Group Inc., which is shuttering hundreds of stores in a bid to stay alive, is seeking bankruptcy court approval to hand out more than $8 million in executive bonuses, including nearly $1.7 million to President Mike Edwards. Get the full story »
Liquidation sales begin at 26 new Borders stores
A Borders bookstore at North and Halsted in Chicago in February. (Brian Cassella/Chicago Tribune)
Liquidation sales have begun at 26 Borders stores in 14 states that are slated to close in late May, including an outlet in Wilmette.
Similar sales are already under way at the 200 Borders stores that are scheduled to close by the end of April, as the troubled bookstore chain reorganizes under Chapter 11 protection. Get the full story »
Block 37 sold to Bank of America
Pedestrians pass Block 37 in the Loop. (Antonio Perez/Tribune)
Block 37, the star-crossed shopping center in the Loop, was sold at a sheriff’s auction Wednesday to Bank of America for $100 million.
The sale means Bank of America will take title to the four-level mall at 108 N. State St., officially ending Chicago-based developer Joseph Freed and Associates’ ownership of the property.
In December, Cook County Circuit Court Judge Margaret Ann Brennan ordered Freed to surrender the retail center to a group of lenders led by Bank of America, bringing to a close a more-than yearlong effort to foreclose on the mall. Get the full story »
March 22 at 2:17 p.m.
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Filed under: Bankruptcy, Litigation, Media, Newspapers, Radio, TV Ex-Tribune Co. shareholders open to new suits
From Bloomberg News | A Bankruptcy Court judge ruled Tuesday that creditors can file state suits against former Tribune Co. shareholders who netted billions of dollars when the media company was taken private in 2007. Federal lawsuits are under way on the matter. The company filed for Chapter 11 in 2008.
Tribune Co.’s Meek to exit company
Chicago Tribune parent Tribune co. is moving its Tribune Digital divsion into Tribune Technology, under Executive Vice President and Chief Technology Officer Steve Gable, employees were told today.
Don Meek, who had led Tribune Digital as executive vice president since November, when it changed its name from Tribune Interactive, is leaving the company.
Washington Mutual clears Chapter 11 hurdle
Washington Mutual on Monday won court approval to move to the next stage in its renewed attempt to exit bankruptcy but was told to spell out what effect suspicions of insider trading could have on the $7 billion distribution plan.
Judge Mary Walrath said the company, the former parent of Washington Mutual Bank, or WaMu, can send out its revised plan to creditors for a vote after supplementing it with an analysis of what could happen if there is proof of insider trading. Get the full story »
Borders outlines 28 additional store closings
A Borders bookstore at North and Halsted in Chicago in February. (Brian Cassella/Chicago Tribune)
Borders Group Inc. plans to close an additional 28 stores, bringing the total closings to 228, as it tries to reorganize in bankruptcy protection.
The updated list includes a store in Wilmette. Get the full story »
FDIC sets repayment pecking order for creditors
Creditors who help authorities liquidate a troubled financial firm would be among those paid off first among unsecured creditors, according to a proposal issued by the Federal Deposit Insurance Corp.
Bank and financial services groups have complained that more clarity is needed about how unsecured creditors will be treated under the U.S. government’s new authority to seize large, failing companies. Get the full story »
Exec says Tribune Co. needs quick Chaper 11 exit
Eddy Hartenstein in 2008. (Anne Cusack/Los Angeles Times)
The publisher and CEO of the Los Angeles Times says it’s important that the Tribune Co. emerge from bankruptcy protection as soon as possible.
Eddy Hartenstein, also a co-president of Tribune Co., testified Monday that the cloud of bankruptcy is hurting Tribune’s ability to keep and attract employees and to forge partnerships to help it compete in the rapidly-changing media industry.
Hartenstein was the final Tribune witness in a hearing to determine whether a Delaware judge will approve the company’s reorganization plan. Noteholders who have submitted their own plan will present their case later. Get the full story »
Advisers value Tribune Co.’s newspapers below $1B
Two Tribune Co. financial advisers provided stark evidence of the newspaper industry’s decline Friday when they testified in bankruptcy court that the company’s flagship publishing division may have dropped below an estimated $1 billion in value. Get the full story »
Judge clears way for Blockbuster sale
A judge Thursday cleared the way for movie-rental company Blockbuster Inc. to sell itself to a group of hedge funds, after lawyers spent all day in courthouse hallways brokering a deal with movie studios that had objected to the sale terms. The ruling gives the movie studios a better deal and staves off immediate liquidation of Blockbuster’s assets. Get the full story »
Tribune likely bidder for Freedom Communications
Freedom Communications Inc. was expected to receive bids for its 100 newspapers and eight TV stations from a number of suitors before a Thursday deadline set by the company. Among firms considered likely to make bids for parts of Freedom were Tribune Co. and MediaNews Group Inc., as well as two Los Angeles-based private equity firms. Get the full story>>
Reorganization plan OKd for Gary casino operator
Majestic Star Casino LLC on Thursday won confirmation of its Chapter 11 reorganization plan after striking deals to end a long-running dispute with the city of Gary and broker peace with tax authorities.
Judge Kevin Gross signed off on the restructuring scheme for Majestic Star at a hearing in the U.S. Bankruptcy court in Wilmington, Del., clearing the way for some of the casinos controlled by Detroit mogul Don Barden to move ahead without him. Get the full story »
