Oaktree Capital

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March 8 at 7:05 p.m.
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Filed under: Bankruptcy, Media

Testimony: Tribune Co. settlement talks ‘painful’

By Michael Oneal

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 »

Dec. 6, 2010 at 5:58 p.m.
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Filed under: Bankruptcy, Litigation, Media, Newspapers

Tribune creditors to vote on 4 reorganization plans

By Michael Oneal

The judge in Tribune Co.’s contentious bankruptcy case signaled his approval Monday to send four competing restructuring plans out for vote by the Chicago-based media company’s creditors.

If he issues the formal order by Wednesday, which will mark the two-year anniversary of the case, solicitation packages containing disclosure documents explaining the four plans will likely be mailed on Dec. 22, said a Tribune Co. lawyer.

Creditors will then have until Jan. 28 to cast their votes and the judge will use those results to gauge support for the various plans ahead of a five-day confirmation hearing set for early March. Get the full story »

Nov. 12, 2010 at 7:42 p.m.
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Filed under: Bankruptcy, Litigation, Media, Newspapers, Private equity

New Tribune Co. lawyer spat breaks out

By Michael Oneal

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 »

Nov. 2, 2010 at 7:27 a.m.
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Filed under: Bankruptcy, Media, Newspapers, Radio

Creditors sue Zell, banks over Tribune bankruptcy

By Reuters

Tribune Co. creditors filed sprawling lawsuits on Monday that take aim at Sam Zell, his banks and advisers for the disastrous leveraged buyout that plunged the publisher into bankruptcy two years ago.

The lawsuit accuses billionaire Zell and the Tribune board of defrauding Tribune’s creditors by pursuing the buyout of the owner of the Los Angeles Times and Chicago Tribune knowing it would lead to bankruptcy. Get the full story »

Oct. 4, 2010 at 10:34 a.m.
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Filed under: Bankruptcy, Media, Newspapers, Radio, TV

Tribune Co. talks continue; judge weighs failure

By Michael Oneal

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 »

Sep. 28, 2010 at 2:35 p.m.
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Filed under: Bankruptcy, Media, Newspapers, Private equity

Tribune Co. reaches deal with 2 largest creditors

By Michael Oneal

Tribune Co. has reached a settlement with Angelo, Gordon & Co. and Oaktree Capital Management, two of the largest senior creditors in its bankruptcy case, that will form the basis of a new plan of reorganization for the company. Get the full story »