Sam Zell Also Fails at Bankruptcy
Negotiations between Tribune Co. and its creditors have fallen apart, leaving the troubled company’s plans to emerge from bankruptcy in tatters. From the Wall Street Journal:
A bankruptcy probe that found $3.6 billion of Tribune’s top-ranking debt was likely tainted with fraud touched off a frenzy of shifting alliances in a bankruptcy case that has long been contentious. Tribune’s Chapter 11 plan was designed to shield J.P. Morgan, Tribune executives and others connected to the LBO from damage claims.
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