Business/Finance

Tribune Co. seeks approval of bankruptcy plan

Tuesday, June 28, 2011

In this April 26, 2006 file photo, flags wave along Michigan Ave. Bridge outside the Chicago Tribune Tower in a Chicago. Lenders who said Monday, April 12, 2010, they are owed more than $3.6 billion by Tribune Co. are calling a purported global settlement that the media company announced last week "dead on arrival."(AP Photo/Charles Rex Arbogast, File) (AP Photo)

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bankruptcy, business/finance

Associated Press

WILMINGTON, Del. (AP) - June 28, 2011 (WPVI) -- Tribune Co. and some of its creditors are seeking a judge's approval of a plan that would allow the company to emerge from bankruptcy protection.

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A separate group of creditors who oppose the plan say that 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. An attorney for the committee argued in Delaware on 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 longshot.

Tribune owns the Los Angeles Times, Chicago Tribune and other newspapers and several television stations. It filed for bankruptcy protection in December 2008.

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Tags:

bankruptcy, business/finance