Tribune Co., citing “vigorous negotiations” toward a new settlement with its creditors, asked the judge in its bankruptcy case for more time to work out a reorganization plan that “would maximize consensus” around a deal.
The move comes as the various bickering parties in the case realign their positions based on the findings contained in an independent examiner’s report studying claims surrounding the Chicago media conglomerate’s 2007 leveraged buyout.
That report, issued late last month, suggested that the $8.2 billion LBO orchestrated by Chicago real estate magnate Sam Zell may have rendered the company insolvent from Day 1, lending support to various creditors’ arguments. Get the full story »
