Junior Creditor's Appeal Of Bond Requirement To Challenge Tribune Reorganization Rejected
September 12, 2012 at 3:58 AM (PT)
The U.S. Court of Appeals has dismissed junior creditor AURELIUS CAPITAL MANAGEMENT's emergency appeal to stay TRIBUNE CO.'s reorganization without having to post $1.5 million bond, reports the CHICAGO TRIBUNE.
AURELIUS was under an AUGUST 29th deadline set by U.S. Bankruptcy Court judge KEVIN CAREY to post the bond for him to continue a stay of the order to allow AURELIUS to appeal the reorganization plan and had not met the deadline.
Another motion asking the District Court to amend the bond requirement by trustees for junior bondholders remains pending.