A hearing to determine the fate of the Tribune Co.’s proposed reorganization plan resumed Tuesday with attorneys for Tribune and attorneys for noteholders who have submitted a competing plan continuing to squabble over technical issues. The judge again signaled his desire for a conclusion to the Chapter 11 case, which has dragged on for more than two years. Get the full story »
Inside these posts: Chapter 11
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Hearing resumes on Tribune reorganization
A Delaware bankruptcy judge has resumed a hearing to determine whether he should approve Tribune Co.’s proposed reorganization plan. Get the full story »
Aurelius: Halt Tribune confirmation hearings
Aurelius Capital Management said Tribune Co. must call a halt to confirmation proceedings on its Chapter 11 plan, which are set to resume Tuesday in a Delaware bankruptcy court. Get the full story »
Baker & McKenzie sued for $600M in ‘looting’
Baker & McKenzie and one of its former partners were sued Monday for $600 million by a Pennsylvania company that alleges the law firm and Martin Weisberg willingly participated in a “looting” of the company.
The suit’s filing is part of the Chapter 11 bankruptcy of Industrial Enterprises of America Inc., which sought protection from creditors in April 2009. Get the full story »
American Apparel says it’s facing Chapter 11 — or 7
Los Angeles-based retailer American Apparel Inc. warned that it could seek Chapter 11 bankruptcy protection, or even be forced to liquidate under Chapter 7, as its financial woes deepen. Get the full story »
Tribune Co. creditor amends reorganization plan
Aurelius Capital Management, the largest junior creditor in the Tribune Co. bankruptcy case, on Monday amended its proposed plan for restructuring the media company in an attempt to make the plan more palatable to senior creditors and the judge presiding over the Chapter 11 proceedings. Get the full story »
Harry & David preparing to file for Chapter 11
Harry & David Holdings Inc., the mail-order food company known for its fruit baskets and Moose Munch snacks, is preparing to file for Chapter 11 bankruptcy protection as soon as Monday, the Wall Street Journal reported, citing sources. Get the full story »
Borders seeks to pay $8M in executive bonuses
Book retailer Borders Group Inc., which is shuttering hundreds of stores in a bid to stay alive, is seeking bankruptcy court approval to hand out more than $8 million in executive bonuses, including nearly $1.7 million to President Mike Edwards. Get the full story »
March 22 at 2:17 p.m.
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Filed under: Bankruptcy, Litigation, Media, Newspapers, Radio, TV Ex-Tribune Co. shareholders open to new suits
From Bloomberg News | A Bankruptcy Court judge ruled Tuesday that creditors can file state suits against former Tribune Co. shareholders who netted billions of dollars when the media company was taken private in 2007. Federal lawsuits are under way on the matter. The company filed for Chapter 11 in 2008.
Washington Mutual clears Chapter 11 hurdle
Washington Mutual on Monday won court approval to move to the next stage in its renewed attempt to exit bankruptcy but was told to spell out what effect suspicions of insider trading could have on the $7 billion distribution plan.
Judge Mary Walrath said the company, the former parent of Washington Mutual Bank, or WaMu, can send out its revised plan to creditors for a vote after supplementing it with an analysis of what could happen if there is proof of insider trading. Get the full story »
Exec says Tribune Co. needs quick Chaper 11 exit
Eddy Hartenstein in 2008. (Anne Cusack/Los Angeles Times)
The publisher and CEO of the Los Angeles Times says it’s important that the Tribune Co. emerge from bankruptcy protection as soon as possible.
Eddy Hartenstein, also a co-president of Tribune Co., testified Monday that the cloud of bankruptcy is hurting Tribune’s ability to keep and attract employees and to forge partnerships to help it compete in the rapidly-changing media industry.
Hartenstein was the final Tribune witness in a hearing to determine whether a Delaware judge will approve the company’s reorganization plan. Noteholders who have submitted their own plan will present their case later. Get the full story »
Reorganization plan OKd for Gary casino operator
Majestic Star Casino LLC on Thursday won confirmation of its Chapter 11 reorganization plan after striking deals to end a long-running dispute with the city of Gary and broker peace with tax authorities.
Judge Kevin Gross signed off on the restructuring scheme for Majestic Star at a hearing in the U.S. Bankruptcy court in Wilmington, Del., clearing the way for some of the casinos controlled by Detroit mogul Don Barden to move ahead without him. Get the full story »
Nearly half of Chicago-area Borders to close
The Borders at North and Halsted in Chicago will close. (Brian Cassella/Chicago Tribune)
Borders Group Inc. plans to close almost half of its stores in the Chicago area as part of its proposed Chapter 11 bankruptcy protection, according to a Wednesday filing in U.S. Bankruptcy Court in New York.
According to the Borders Web site, the bookseller has about 30 stores in Chicago and its suburbs, including a few Indiana locations.
In Chicago, five of eight stores will close, including the one at North Avenue and Halsted Street, as well as those in Lincoln Park, Uptown, Lincoln Village and Beverly. The Hyde Park store is already in the process of closing and will shut its doors on March 7. This means the only Borders superstore left in the city will be in the Loop. A Borders-owned Waldenbooks in Citicorp Center will also remain open. Get the full story »
Feb. 15 at 3:54 p.m.
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Filed under: Bankruptcy, Media, Newspapers, Philanthropy, Radio, TV Tribune Co. reorganization plans draw new fire
Bloomberg News | The Robert R. McCormick Foundation, onetime one of the largest shareholders in Tribune Co., opposes the remaining two reorganization plans for the media giant, because neither would end lawsuits against shareholders, including the foundation, that made billions of dollars in the company’s leveraged buyout.
Report: Borders preparing Chapter 11 filing
Bookseller Borders Group Inc. could file for bankruptcy as soon as Monday or Tuesday, the Wall Street Journal reported Friday, citing people familiar with the matter. Get the full story »
