Associated Press//January 24, 2011
//January 24, 2011
WILMINGTON, Del. — Attorneys for creditors who oppose the Tribune Co.’s proposed reorganization plan are seeking more information related to the 2007 leveraged buyout that left the media conglomerate saddled with debt.
A Delaware bankruptcy judge convened a hearing Monday to hear arguments on several issues, including the creditors’ attempt to force supporters of Tribune’s plan to disclose documents related to the buyout.
Attorneys said they were close to resolving their differences regarding efforts by the trustee for certain bondholders to gain information from two hedge funds supporting Tribune’s plan.
Attorneys also have resolved an information dispute between a group of noteholders who have offered their own reorganization plan, and JPMorgan Chase, which supports Tribune’s plan.
Tribune Co. owns the Baltimore Sun and eight other daily newspapers as well as 23 TV stations.