At a hearing, the Wall Street Journal reported, Tribune offered to contribute $3 million to the bankruptcy in exchange for a right to bid on the property when the proceedings are completed. Under the proposal Tribune would get the $3 million back if Freedom’s assets are sold to someone else.
When Freedom filed for bankruptcy over the weekend, CEO Richard Mirman announced that he and a partner hope for an expedited process that will allow them to control the company.
It’s up to the court, acting in the interest of creditors, to decide whether a competitive bid rather than an agreed-in-advance sale would be best. Read more