Tribune granted approval of $4.65 million Hicksville property sale

By Alice Popovici

New York, Oct. 2 - Tribune Co. debtor Tribune NM Inc. received authorization for the $4.65 million sale of its Hicksville, N.Y., property to Steel Tribune, LLC, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company said the Hicksville property used to house newspaper inserting equipment used in connection with a Long Island-based newspaper that was formerly indirectly owned by Tribune.

None of the Tribune debtors have conducted business at the property in the past two years.

Tribune NM said $1 million of the purchase price will be due at closing, and the balance will be financed over a one-year term with a balloon payment due at maturity.

The purchase agreement allows for a study period during which Steel Tribune can terminate the agreement.

Closing must occur by Dec. 4.

Tribune, a Chicago-based media company, filed for bankruptcy on Dec. 8, 2008. Its Chapter 11 case number is 08-13141.

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