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Tribune agreement could bring bankruptcy exit

April 9th, 2010Posted by in Job losses, Legal

US newspaper publisher Tribune Company has reached an agreement with its creditors and lenders that will help it emerge from bankruptcy protection later this year, according to news from Reuters.

Tribune, which publishes the Chicago Tribune and the Los Angeles Times, filed for bankruptcy in 2008. The new agreement settles  all potential claims stemming from the 2007 $8.2 billion (£5.4 billion) Tribune leveraged buyout by Sam Zell in 2007.

The agreement has come under criticism from a group of junior boldholders holding $1.2bn (£780 million) of Tribune debt. They claim to have been unfairly cut out of the negotiating process, and have further criticised the make-up of the creditors committee, which includes bank lenders, normally excluded from such groups.

Full story by Reuters at this link.

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