Tribune Co. went into this past weekend with hopes that it had finally found a road out of bankruptcy. Shortly after CEO Randy Michaels resigned on Friday, the troubled company filed a new reorganization plan with the support of its leading creditors.
According to the Chicago Tribune, a four-member Executive Council will now run the company, with a special focus on exiting bankruptcy. The new leadership group is made up of Tony Hunter, president and CEO of the Chicago Tribune Media Group, Eddy Hartenstein, publisher and CEO of the Los Angeles Times, Nils Larsen, Chief Investment Officer at Tribune Co, and Don Liebentritt, who has been overseeing Tribune’s Chapter 11 restructuring.
The Executive Council will work to execute on Tribune’s latest plan to leave bankruptcy. The creditor-endorsed plan, filed on Friday evening, would hand over ownership of the 163-year-old company to a group of its leading loan holders. According to The Wall Street Journal, terms of the new plan are “more generous to bondholders than a previous proposal.” While Tribune tries to make its many creditors happy, it remains to be seen how the culture of the company will rebound after an era marred by bad behavior.