Tribune Creditors Move For Court OK To Sue Zell Over Buyout
September 14, 2010 at 4:27 AM (PT)
A committee of unsecured creditors of TRIBUNE CO. has petitioned U.S. Bankruptcy Judge KEVIN GROSS for the right to sue SAM ZELL and others involved in the company's buyout, a move that the LOS ANGELES TIMES reports is not likely to disrupt mediation in the case.
The move by the creditors to sue is mandated by a rule requiring such suits to be brought within two years of the bankruptcy filing, meaning that to preserve their rights, the creditors must get court approval for the suit and file the action by DECEMBER 8th.
TRIBUNE and its creditors are negotiating in a court-ordered mediation process, with sessions to finalize any agreement scheduled for SEPTEMBER 26th and 27th.