Votes Are In On Tribune Reorganization Plan
February 11, 2011 at 4:52 PM (PT)
TRIBUNE COMPANY's own plan for reorganization received a split decision in voting filed with U.S. Bankruptcy Court TODAY (2/11), with holders of Senior Loan Claims and Bridge Loan Claims, as well as most classes of trade and other general unsecured claimants, voting to approve TRIBUNE's plan and reject a rival plan filed by AURELIUS CAPITAL MANAGEMENT, but holders of Senior Noteholder Claims and PHONES notes favored the AURELIUS plan.
"These results are as we expected and we are pleased that they confirm broad support for the restructuring plan supported by the Company and its co-proponents," said TRIBUNE Chief Restructuring Officer DON LIEBENTRITT. "We continue to prepare for the confirmation hearing set to begin on MARCH 7th and remain confident that the court will confirm our plan over the AURELIUS/Noteholder plan."