Judge OKs Tribune reorganization plan; bankruptcy end nears

The judge in Tribune Company’s bankruptcy case confirmed a plan to transfer ownership of the Chicago media company to a group of senior creditors led by Oaktree Capital Management, a Los Angeles investment fund.

The judge’s order, which was expected, will set in motion a process that will likely allow Tribune to emerge from bankruptcy later this year. And it will allow the Federal Communications Commission to move forward on the company’s application to transfer its TV and radio broadcast licenses to the new owners — the last big hurdle in a case that has dragged on for 3½ years. Tribune also will be able to accelerate work on other administrative and financial matters that need to be completed before it can emerge from bankruptcy. Those include reshaping its corporate structure and obtaining $1.1 billion in new debt financing and a $300-million line of credit.