Tribune to Push for Expedited Approval of New Reorganization Plan
At a Tuesday hearing, the media company, which has been in Chapter 11 bankruptcy for nearly three years, will suggest a timetable that could confirm a its latest restructuring plan in February.
NEW YORK - Broadcaster and newspaper publisher Tribune Co. and a group of its senior creditors plan to ask a judge on Tuesday for an expedited approval process for a latest amended plan of reorganization that would allow it to exit bankruptcy, the Chicago Tribune reported.
The media firm, home of the LA Times, filed the latest plan late Friday, hoping to overcome problems that kept a Delaware judge from approving a previous version of the plan in October.
Tribune Co. chief restructuring officer Don Liebentritt said in a note to employees that the company plans to ask its bankruptcy court judge for an accelerated timetable for approval of the plan, according to the report.
It said that Tribune wants the judge hold a hearing to approve voting procedures on Dec. 13, followed by a voting deadline of Jan. 20. If things work out that way, confirmation hearings could happen during the first week of February.
Tribune's bankruptcy proceeding has been dragging on for nearly three years. The company ran into debt problems following a buyout led by chairman Sam Zell and had to file for Chapter 11 bankruptcy.