Inside these posts: Tribune company bankruptcy

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Zell attorney objects to Tribune bankruptcy plans

Sam Zell in February of 2008. (Charles Osgood/Tribune)

An attorney for billionaire developer Sam Zell, who engineered a buyout that left Tribune Co. saddled with debt, says proposals to reorganize the media company’s finances aren’t fair to his client.

Attorney David Bradford says the proposals do not adequately protect Zell from lawsuits that threaten to injure his reputation and waste Tribune’s assets. Get the full story »

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.

JPMorgan e-mails show concerns about Tribune

JPMorgan Chase executives discussed downgrading their internal credit rating for Tribune Co. just hours after the media company completed a leveraged buyout the bank helped finance.

E-mails presented in federal court in Wilmington, Del., Wednesday show an executive for the bank thought a downgrade was required after the buyout. Get the full story »

Tribune creditors to vote on 4 reorganization plans

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‚Äôs 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 »

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 »

Tribune Co. CEO Randy Michaels resigns

Having lost the support of many employees, his board and the creditors who will soon take over the bankrupt media company, Tribune Co. Chief Executive Randy Michaels resigned Friday, as the company’s board sought to end one of the most tumultuous episodes in the history of the 163-year-old Chicago institution.

Tribune Co. makes progress with several creditors

Tribune Co. and several of its most important creditor groups announced a broad new settlement Tuesday that brings the company closer to resolving its nearly two-year-old bankruptcy case.

The new pact includes a group of senior lenders who had been holding out on a compromise, the company said, as well as the Official Committee of Unsecured Creditors in the case, which represents junior creditors.

Still absent from the settlement, however, are several key junior creditor groups including major bondholder Aurelius Capital Management, a litigious New York hedge fund known for disrupting large bankruptcy cases. Sources close to Aurelius have said the fund plans to file its own plan by the court imposed Oct. 15 deadline. Get the full story »

Tribune Co. committee to oversee reorganization

The board of directors of bankrupt Tribune Co. formed a special committee to oversee the media company’s contentious reorganization process and to manage any legal claims arising from its 2007 leveraged buyout.

Sources said the step is an effort to remove conflicts of interest from the debtor’s decision making process since some Tribune Co. board members and officers may be the target of buyout-related claims. Get the full story »

Tribune expected to begin polling creditors

Reuters | Tribune Co modified the description of its reorganization plan on Friday
to add language requested by a bankruptcy judge, likely clearing the
way for the media company to put the proposal to a vote by creditors.

The owner of the Los Angeles Times, Chicago Tribune and New York
television station WPIX was directed by Delaware Bankruptcy Judge Kevin
Carey on Friday to change the description of how it treats holders of
bridge loans.

Get the full story »