Tribune Reorganization Plan Proposals Down To Two
February 2, 2011 at 12:52 PM (PT)
And then there were two, as one of the remaining reorganization proposals for TRIBUNE CO. has been withdrawn, reports REUTERS. A group called the BRIDGE LENDERS has pulled its proposal off the table and will now support TRIBUNE's own plan in exchange for $64.5 million cash and attorneys' fees.
The move leaves TRIBUNE's plan and one filed by a group of bondholders headed by AURELIUS CAPITAL MANAGEMENT as the last remaining plans. Hearings on the plans are scheduled for MARCH.