Tribune Co. seeks OK for bankruptcy-exit plan
6/28/2011WILMINGTON, Del. — Tribune Co. and some of its creditors are seeking a judge’s approval of a plan for the company to emerge from bankruptcy.
A separate group of creditors who oppose the plan say it would hamper attempts to sue former Tribune Co. shareholders who benefited from a buyout that left the company saddled with debt.
Tribune’s committee of unsecured creditors backs the company’s plan. A lawyer for the committee argued in Delaware Monday that the opponents would get at least $432 million under Tribune’s plan. He described their desire to win more through lawsuits as a long shot.
Tribune owns newspapers including the Los Angeles Times and Chicago Tribune, as well as several television stations. It filed for bankruptcy protection in December, 2008.