Tribune Takes Steps to Finally Exit Bankruptcy

The Wall Street Journal

Tribune has been stuck in bankruptcy for nearly two years, and almost nothing has gone the companys way. Now, there appears to be some minor movement in the right direction.

The owner of the Chicago Tribune and Los Angeles Times said Tuesday it agreed to support two of its major debt holders, Oaktree Capital Management and Angelo Gordon & Co., on a blueprint to exit bankruptcy.

The proposed plan of reorganization pushes some claims related to the companys controversial 2007 buyout into a litigation trust. That will potentially allow Tribune to exit bankruptcy More…