WILMINGTON, Delaware?? A U.S. judge in Delaware has rejected Tribune Co.'s plan to emerge from bankruptcy protection and denied a rival proposal from Tribune creditors as well.
Tribune Co. owns the Chicago Tribune, the Los Angeles Times, other major newspapers and more than 20 television and radio stations across the U.S. The company sought bankruptcy protection in 2008, a year after billionaire developer Sam Zell led a disastrous buyout that left the company mired in debt.
In rejecting both plans Monday, the judge said the case needs to end quickly. He said he would appoint a trustee if necessary.
Both plans would have left Tribune controlled by JPMorgan Chase and hedge funds Angelo, Gordon & Co. and Oaktree Capital Management, but they differed on how to pursue lawsuits related to the buyout.
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Source: http://www.msnbc.msn.com/id/45111415/ns/business-us_business/
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