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A group of hedge funds sued the four banks that funded Tribune Co.’s 2007 leveraged buyout, alleging that the lenders knowingly rendered the company insolvent and precipitated its 2008 bankruptcy.
The suit, filed on Friday in New York state court, charges JPMorgan Chase, Merrill Lynch Capital Corp., Citicorp North America Inc. and Bank of America with breach of contract, breach of good faith and negligence. It asks the court to set damages. Get the full story »
An investment bank declined to give Tribune Co. a clean bill of financial health in 2007 that would have cleared the way for Sam Zell’s $8.2 billion leveraged buyout of the media conglomerate, people familiar with the matter said.
Houlihan Lokey, a Los Angeles-based bank, rejected overtures from Tribune around March 2007 to provide what is known as a “solvency opinion” that would label Zell’s takeover financially sound, these people said. Houlihan believed the deal would saddle the newspaper-and-television company with too much debt, they said. Get the full story »
