Reuters – Tribune Co., the bankrupt publisher of the Chicago Tribune and Los Angeles Times, moved closer to ending its three-year bankruptcy after a judge resolved lingering disputes about the order in which noteholders should be repaid.
Monday’s [April 9] ruling by Delaware Bankruptcy Judge Kevin Carey also found that the company’s proposed plan to emerge from bankruptcy does not unfairly discriminate against certain creditors. That could blunt one line of attack against the company’s bankruptcy plan, which could once again come under fire from noteholders when Mr. Carey is asked to approve it at a June 7 hearing. “This puts us on a flight path to successful emergence,” said David LeMay, an attorney with Chadbourne & Parke LLP, which represents the unsecured creditors committee in the bankruptcy.
