The Tribune Company Still in Bankruptcy

The Tribune Co., owner of the Chicago Tribune, has been in bankruptcy since 2008 and had hoped finally to emerge from bankruptcy this summer.  However, an appeal by junior creditors has stopped the transfer of ownership of the Tribune to its senior creditors.

The bankruptcy plan, confirmed July 23, required ownership of the company to be transferred to senior creditors. However, junior creditors appealed the decision and have effectively stayed the matter for the moment.

Continuing under bankruptcy could cost the company an additional $113 million on top of the $400 million it has already spent on legal fees and bankruptcy costs.

See the full story here “Judge to stay Tribune Co. bankruptcy plan if creditors post bond”

 

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