Tribune Co. bankruptcy exit reportedly approved
NEW YORK (MarketWatch) -- The Tribune Co. has won court approval for a reorganization plan that puts the owner of the Chicago Tribune and other media outlooks on track to get out of bankruptcy, according to published reports.
A Delaware bankruptcy judge on Friday gave the Chicago-based company, which owns the Chicago Tribune, the Los Angeles Times and other newspapers and broadcast stations around the country, the green light to pursue a transfer of its broadcast licenses to new owners named in the Chapter 11 plan, Crain's Chicago Business said.
The ruling, which follows a more than three-year legal fight, gives control of the media giant to primary debt holders led by J.P. Morgan Chase & Co. (JPM) , and hedge funds Oaktree Capital LP and Angelo, Gordon & Co., the Chicago Sun-Times reported.
Real estate investor Sam Zell bought the Tribune Co. for $8.2 billion in 2007 in a deal that left it with $13 billion in debt.