Seeks February Confirmation Hearing and Prompt Exit from Chapter 11
Tribune Company today announced that it has filed with the United States Bankruptcy Court for the District of Delaware a Third Amended Plan of Reorganization that it believes addresses the court’s concerns as expressed in its decision last month. Tribune’s amended plan continues to have the support of its co-proponents, the Unsecured Creditors Committee, Oaktree Capital Management, L.P., Angelo, Gordon & Co, L.P., and JPMorgan Chase Bank. The company is requesting a confirmation hearing in February, 2012.
In its October opinion, the court approved the $534 million settlement of certain claims arising from the company’s 2007 leveraged buyout transactions, and the amended plan continues to implement that settlement. The amended plan includes modifications that comply with the rulings and findings made by the court. The amended plan also contains an Allocation Dispute Protocol that would allow the court to resolve potential inter-creditor disputes regarding amounts that will be paid to various groups of creditors without interfering with the company’s efforts to secure prompt confirmation of the amended plan and the company’s subsequent emergence from bankruptcy.
At the court-ordered status conference scheduled for Tuesday, November 22nd, the company will ask for a hearing in December, at which time it will seek court approval of an accelerated timetable for approval of a Supplemental Disclosure Statement and a re-solicitation of votes limited to certain affected creditor classes.