Bankruptcy Judge OKs Tribune Reorganization Plan
July 24, 2012 at 4:36 AM (PT)
As expected, U.S. Bankruptcy Court Judge KEVIN CAREY has approved the reorganization plan that will result in TRIBUNE CO. emerging from Chapter 11 bankruptcy.
The approval, which will be appealed by junior creditors, will allow the FCC to process the proposed transfer of TRIBUNE's broadcast licenses, including Talk WGN-A/CHICAGO, to the company's creditors, led by OAKTREE CAPITAL MANAGEMENT. The ultimate fate of WGN and the TRIBUNE television stations remains unsettled as the company moves forward.