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Tribune Must File Reorg Plan By March 31

  • Reuters, Friday, February 19, 2010 12:16 AM
Tribune Co was granted until the end of March to file a plan of reorganization and avoided the immediate threat of starting a "litigation nightmare" over its 2007 leveraged buyout. Judge Kevin Carey said it may be Tribune's "last best chance" to resolve seemingly entrenched disputes.

The company now has until the end of next month to resolve the main issue of its bankruptcy, the role of its 2007 $8.2 billion leveraged buyout that was led by real estate developer Sam Zell. The official committee of unsecured creditors have blamed banks that financed the deal for the company's bankruptcy, saying they knew the buyout debt would leave it insolvent.

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