Judge Rejects Tribune Co. Bankruptcy Exit Plans
Threatens to appoint bankruptcy trustee
A Delaware judge has rejected two competing plans to bring the Chicago-based Tribune Co. out of bankruptcy, extending the company’s three years in Chapter 11.
In a 126-page decision, Delaware's chief bankruptcy judge, Kevin Carey, dismissed exit plans from both the Tribune Co. and its noteholders. “Neither the [company plan] nor the noteholder plan is confirmable,” he wrote. “I am uncertain, at this point, what steps the debtors or other parties may take as a consequence of this decision.”
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