Tribune bankruptcy plan moves forward

Judge Kevin Carey has signed off on the Tribune Company's latest reorganization plan and a process for creditors to vote on it. Judge Carey said that he would approve a supplemental disclosure statement by Tribune after minor revisions regarding rules for the advisory board of a litigation trust. The trust will pursue lawsuits stemming from the 2007 leveraged buyout of Tribune by billionaire Sam Zell. Tribune's latest plan reflects the judge's ruling last week that put Zell at the bottom of the payment priority for creditors, behind a group of junior bondholders.