Tribune Bankruptcy Scrutinized By Examiner
Chicago Tribune, Wednesday, April 21, 2010 12:07 AM
Tribune Co. and its creditors agreed Monday to accept the appointment of an independent bankruptcy examiner in the Chapter 11 case, opening the door to further scrutiny of Tribune Co. Chairman Sam Zell's 2007 leveraged buyout of the Chicago-based media conglomerate. Legal experts say the appointment of an independent examiner could speed along negotiations. But it also could raise new issues that might complicate the case.
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The examiner, appointed by the U.S. Bankruptcy Trustee in Delaware, will be free to inspect all aspects of the case, including the Tribune Co. sale and the fairness of a settlement reached this month between the company and some of its creditors. But given the complexity of the legal issues in the case, the court wants the examiner inquiry to occur in parallel with ongoing negotiations between Tribune Co. and its creditors to broaden the proposed reorganization plan.
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