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Hedge Funds To Get Tribune Out Of Bankruptcy

New York (HedgeCo.net) – The Chicago Tribune and Los Angeles Times have made a deal with hedge funds Oaktree Capital Management and Angelo, Gordon & Co LP., which will give the two hedge funds significant stakes in the now bankrupt Tribune Co., according to a Reuters report.

Hedge fund Angelo, Gordon & Co., already holds stakes in the Philadelphia Inquirer and Minneapolis StarTribune.

The Tribune has been languishing in Chapter 11 bankruptcy since 2008, the deal would also would allow for Tribune to exit bankruptcy before resolving legal claims, Reuters said.

Awaiting bankruptcy court approval, Tribune said the two hedge funds hold a “significant” amount of the $6.6 billion in loans stemming from the first part of the two-step deal that put the previous owner in control.

“The mediator is confident that the proposed plan will lead to additional constructive discussions between and among the debtors and other parties,” said a court filing from Kevin Gross, the Delaware bankruptcy judge who acted as mediator, according to the paper. The mediations are ongoing.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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2 Responses to Hedge Funds To Get Tribune Out Of Bankruptcy

  1. John Howard says:

    The hedge funds do not have winning executive teams and a strategy to make really significant money from their newspaper acquisitions – they tend to hire the same old type of people to do the same oldtypes of things with the same old unions and will surely get the same old type of results: minor profits. Major market newspapers could adapt to the changing news media marketplace and immediately make significant and rapidly growing profits. Based on the traditional executive appointments these funds have appointed/influenced so far it is virtually certain they will leave hundreds of millions of lost operating profits on the table with all the lost capitalization that implies.

  2. John Howard says:

    John Howard can be reached at goodgolfballs@yahoo.com

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