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 »
Aurelius Capital Management
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Testimony: Tribune Co. settlement talks ‘painful’
WILMINGTON, Del. — Confirmation hearings in Tribune Co.’s bankruptcy case got under way Tuesday with a full day of testimony about the company’s tortured on-again-off-again effort to forge a settlement among its warring creditors.
Investment banker David Kurtz of Lazard Ltd., who spearheaded negotiations on behalf of Chicago-based Tribune Co. for two years, described a “painful and difficult” process paralyzed by the obstructionist behavior among the creditors.
He said efforts to broker a deal among creditors sparring over legal claims related to Tribune Co.’s 2007 leverage buyout were repeatedly undone by the aggressive tactics of hedge funds on all sides of the case who bought the company’s distressed debt hoping to profit from a restructuring. Get the full story »
Tribune creditor seeks details on Morgan holdings
Wall Street Journal | Creditor Aurelius Capital Management has amped up its opposition to the Tribune Co.’s Chapter 11 plan, demanding a full accounting of the media holdings of JP Morgan’s media holdings.
New Tribune Co. lawyer spat breaks out
A new side-imbroglio has broken out in the Tribune Co. bankruptcy, highlighting the often incestuous world occupied by big-time bankruptcy attorneys.
Let’s see if we can sort it all out … Get the full story »
Judge gives creditors right to sue Zell, others
A bankruptcy judge on Friday granted Tribune Co.’s official committee of unsecured creditors authority to make the opening moves in long-threatened litigation over the 2007 leveraged buyout blamed for the media company’s tumble into Chapter 11.
Judge Kevin Carey said he would sign off on an order acknowledging the official committee is the proper body to bring claims against lenders, executives and other leaders of the embattled media company, as well as advisers who reaped millions in fees from the LBO. Get the full story »
Tribune Co. talks continue; judge weighs failure
The battling parties in Tribune Co.’s fractious bankruptcy case planned to sit down Monday for another day of mediation aimed at forging a settlement of legal claims surrounding the company’s 2007 leveraged buyout.
But at a status hearing in Delaware before the mediation session began, U.S. Bankruptcy Judge Kevin Carey spent much of his time anticipating how to proceed assuming the mediation fails. Get the full story »
