Los Angeles Times | Bloomberg Businessweek
A judge has rejected two competing reorganization plans for Tribune Co. and threatened to appoint a trustee to resolve the case if the two groups of creditors can’t come to a resolution. “The two plans differed in whether they settled, or pursued lawsuits against lenders, including JPMorgan Chase & Co., that funded the company’s 2007 leveraged buyout,” Businessweek reports. The plan favored by JPMorgan Chase and other senior creditors has a better chance if it’s revised, says the Tribune-owned Los Angeles Times. The Times also notes that Tribune Co. is approaching 1,100 days in bankruptcy court, among the longest cases for publicly traded companies. But that may bode well for Tribune. “Generally speaking, a company that comes out of a long bankruptcy is more likely to do well than a company that comes out of a short bankruptcy,” says UCLA bankruptcy expert Lynn M. LoPucki. One reason, according to the Times: “Just getting through a long reorganization shows that a company has staying power.” || Earlier: Tribune bankruptcy judge disappoints as long confirmation trial ends
Uncategorized
Judge’s ruling extends Tribune’s bankruptcy case, but does that bode well for company?
More News
How a longtime film critic’s death represents the great dissolve of local film criticism
Bryan VanCampen of The Ithaca Times was an institution in the central New York college town of 32,000. He might have been the last of his kind.
April 18, 2024
Opinion | An NPR editor is now a former NPR editor after his resignation
Uri Berliner, an NPR business editor who wrote a scathing essay about his organization in another publication, no longer works at NPR.
April 18, 2024
No, Stormy Daniels didn’t ‘exonerate’ Donald Trump
The adult film actor denied she had an affair with Trump in a 2018 statement. She has since recanted that statement.
April 18, 2024
Opinion | NPR suspends an editor for his essay blasting … NPR
The firestorm caused by Uri Berliner’s critical essay in The Free Press continues to rage
April 17, 2024
Taylor Swift has not endorsed Joe Biden for president
As of mid-April 2024, Swift has not issued a public endorsement for the 2024 presidential election, despite social posts claiming otherwise
April 17, 2024
Comments are closed.
Comments