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Judge: Tribune fourth amended plan to be confirmed after revisions
By Caroline Salls
Pittsburgh, July 13 - A federal judge said on Friday that he would confirm Tribune Co.'s fourth amended plan of reorganization after final revisions are made to reflect various resolutions.
In the ruling filed with the U.S. Bankruptcy Court for the District of Delaware, judge Kevin J. Carey overruled remaining objections to the plan.
The fourth amended plan was proposed by the Tribune debtors, the company's official committee of unsecured creditors, Oaktree Capital Management, LP, Angelo Gordon & Co., LP and JPMorgan Chase Bank.
According to Friday's ruling, plan objections included challenges to the court's previous confirmation, reconsideration and allocation rulings, objections to the fourth amended plan's classification of a swap claim, objections to classification of a senior notes indenture trustee attorney fees claim and classification of tendering noteholder claims, an objection to the fourth amended plan's failure to establish reserves for subordinated claims of PHONES noteholders and EGI noteholders and objections to amendments to the fourth amended plan.
As previously reported, Tribune attorney James F. Bendernagel said at a July 11 status conference that confirmation of the plan is needed before Tribune can receive the necessary approvals from the Federal Communications Commission to transfer its broadcast licenses to a new ownership group that includes senior creditors Oaktree Capital Management, Angelo, Gordon and JPMorgan Chase.
The fourth plan represents a revision of the plan rejected by Carey in October.
Tribune representatives previously said they believe the company could exit bankruptcy by the end of the year, with about $7 billion of recoveries for creditors.
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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