Tribune Bankruptcy Judge Rules On Order Of Repayment
April 11, 2012 at 3:53 AM (PT)
U.S. Bankruptcy Court Judge KEVIN CAREY has ruled on the order of repayment of noteholders of TRIBUNE CO., moving the company's process of emerging from bankruptcy one step closer to completion. The CHICAGO TRIBUNE reports that CAREY ruled that senior noteholders will be repaid first, then holders of the Phones securities, and finally EGI Notes, held by company principal SAM ZELL.
CAREY also ruled that the reorganization plan under consideration does not unfairly discriminate against some creditors. A hearing has been set for JUNE 7th, at which CAREY will consider approving the reorganization plan.