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Submitted: February 2, 2011 - 2:09pm
Originally published: February 2, 2011
Last updated: February 2, 2011 - 2:15pm
Originally published: February 2, 2011
Last updated: February 2, 2011 - 2:15pm
Source:
Reuters
Author:
Tom Hals
Location:
U.S. Bankruptcy Court, Wilmington, DE, United States
A group of lenders has withdrawn its plan for reorganizing newspaper owner Tribune Co, leaving two proposals for ending the company's two-year stay in bankruptcy.
The group known as the Bridge Lenders agreed to withdraw its plan and support Tribune's proposal, which is based on a settlement among lenders JPMorgan Chase & Co and hedge funds Oak Tree Capital Management and Angelo, Gordon & Co. The Bridge Lenders agreed to accept $64.5 million in cash as well as attorney fees and their share of distributions from trusts that will pursue legal claims.
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