Tribune fails again to get Bankruptcy Court OK to begin plan vote

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On May 28, Tribune Company failed for a second time to get court approval to begin polling creditors on its bankruptcy plan as lenders objected to the way the media company describes the reorganization.

The owner of the Chicago Tribune and Los Angeles Times newspapers and radio and television stations has proposed turning over its operations to holders of $8.7 billion dollars in senior loans, leaving little for other creditors who hold more than $3.6 billion in claims. Bankrupt companies must have court approval of a disclosure statement that is sent to creditors and describes the plan of reorganization they vote on.


Tribune fails again to get Bankruptcy Court OK to begin plan vote