Tribune is withdrawing from its $3.9 billion buyout by Sinclair and it's filing a lawsuit against it, citing breach of contract.
The 60-acre property in Port Covington includes the printing plant for the Baltimore Sun, which has a long-term lease for the facility.
The Koch brothers are dropping their pursuit of newspapers owned by the Tribune Co. of Chicago. Koch Industries, run by the billionaire brothers Charles and David, said Friday that it is still interested in the media and is exploring a broad range of opportunities. Tribune publications include the Chicago Tribune, the Los Angeles Times, the […]
Tribune Co., owner of The Baltimore Sun, will be auctioning off its newspaper properties, CNBC reported.
A federal appeals court in Philadelphia has refused to accept a case from creditors unhappy with Tribune Co.’s plan to exit bankruptcy protection. On Monday, the court rejected an emergency motion from Aurelius Capital Management, which holds Tribune notes and spearheaded opposition to Tribune’s plan. Last month, a bankruptcy judge in Delaware required Aurelius and […]
A federal bankruptcy judge in Delaware will hold a hearing next month to address appeals challenging his approval of the Tribune Co.’s reorganization plan. Judge Kevin Carey told attorneys on Wednesday that he will hold the hearing on Aug. 17. Separate appeals were filed this week by hedge fund Aurelius Capital Management and other creditors […]
WILMINGTON, Del. — A Delaware judge says he will rule this week on whether Tribune Co. can emerge from Chapter 11 bankruptcy protection. U.S. bankruptcy judge Kevin Carey said Wednesday that he has drafted a 50-page opinion and will issue a formal ruling by Friday, after attorneys resolve a few outstanding issues. Billionaire Sam Zell […]
WILMINGTON, Del. — A federal judge in Delaware is close to deciding whether Tribune Co. can emerge from Chapter 11 bankruptcy protection. The judge indicated after a hearing Friday that he would rule on the media conglomerate’s latest reorganization plan by early July. Tribune’s plan is a revision of a proposal rejected by the judge […]
DOVER, Del. — A federal bankruptcy judge in Delaware has authorized the Tribune Co. to pay up to $45 million dollars in bonuses to managers this year. The judge issued an order Friday in response to Tribune’s request to continue an existing management-incentive program for some 425 employees. Tribune says the proposed bonuses are reasonable […]
WILMINGTON, Del. — Tribune Co. creditors are arguing over how recoveries under Tribune’s proposed reorganization plan should be allocated. Many of the arguments at hearing that began Monday revolve around what standing certain junior bondholders have in sharing in any recoveries, including proceeds from lawsuits stemming from the 2007 leveraged buyout of Tribune orchestrated by […]
I don’t profess to be an expert on the legal job market, but it appears business is still booming for bankruptcy lawyers. (Are you listening, Recent law school grads looking for a job?) Legal fees in the Tribune Co.’s bankruptcy proceeding recently topped $150 million, according to The Wall Street Journal. Tribune, the media giant […]
WILMINGTON, Del. — An attorney for billionaire developer Sam Zell, who engineered a buyout that left Tribune Co. saddled with debt, says proposals to reorganize the media company’s finances aren’t fair to his client. Attorney David Bradford says the proposals do not adequately protect Zell from lawsuits that threaten to injure his reputation and waste […]