Tribune Sets Restructuring in Motion

Trying to pull itself out of bankruptcy, Tribune Wednesday (Sept. 8) named former general counsel Don Liebentritt chief restructuring officer, focusing on leading the media company’s restructuring efforts.

In addition, David Eldersveld was promoted to general counsel, from svp, deputy general counsel and corporate secretary.

Crippled by heavy debt after the company went private in 2007, Tribune filed for bankruptcy protection in Dec. 2008, but has never been able to complete reorganization. Recent deals imploded last month with creditors and a court appointed a mediator to facilitate negotiations.

“As we enter the next phase of our Chapter 11 process and begin working with the mediator assigned to oversee negotiations with our creditor constituencies, Don needs to devote all his attention and energy entirely to our restructuring efforts,” said Randy Michaels, CEO of Tribune. “He’s intimately familiar with the process and what needs to be done to achieve a restructuring plan that can win the votes of our creditors and be approved by the court.”