Tribune Company Bankruptcy Proceedings Finally Underway

After more than two years of backroom negotiations, the Tribune Company bankruptcy case finally got underway in court yesterday. Bankruptcy judge Kevin Carey is now faced with choosing between two rival plans. One, backed by the Tribune Company, would essentially shift the company’s debt, and assets, into the hands of lenders like JPMorgan Chase. The other, backed by Aurelius Capital Management, would take a more aggressive stance toward getting funds from those who pushed Tribune Company‘s leveraged buyout–namely Sam Zell.