Official: Tribune Co. Will Revise Plans To Emerge From Bankruptcy
DOVER, Del. (CBSMiami/AP) — Tribune Co. officials believe they have a plan to that can win a judge's approval to emerge from bankruptcy protection.
Their plan involves making changes to it's reorganization plan which was rejected by a Delaware judge Monday. A rival plan from dissident creditors was also rejected.
Tribune, which owns several broadcast stations and newspapers, including the South Florida Sun-Sentinel, sought bankruptcy protection in 2008, less than a year after a leveraged buyout led by billionaire Sam Zell left it loaded with debt.
Tribune CEO Eddy Hartenstein told employees in an email Tuesday that he believes Tribune can revise its plan in a way the judge will approve.
Tribune's chief restructuring officer, Donald Liebentritt, noted that Monday's ruling contained several parts favorable to Tribune. He says Tribune will try to submit a revision before a Nov. 22 meeting in bankruptcy court in Delaware.
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