Thu - 18.01.2018

Tribune forms committee to oversee reorganisation plan

Tribune forms committee to oversee reorganisation plan

Tribune Co.'s board of directors has formed a special committee with four independent board members to oversee its Chapter 11 plan as lenders withdrew from supporting a restructuring plan, Bloomberg reported.

Lawyers for the publisher told a Delaware bankruptcy judge weeks ago that JPMorgan Chase and distressed-debt specialist Angelo, Gordon & Co. had dropped out a settlement agreement, which would have left them among the company's new owners, reported.

The four board members include Board Chairman Mark Shapiro, Jeffrey S. Berg, Maggie Wilderotter and Frank Wood, according to the Associated Press article posted on Google News.

Based on a court filing Tuesday, the committee will review and approve a bankruptcy plan and resolve legal claims against Tribune, including claims stemming from its leverage buyout.


Erina Lin


2010-09-01 18:13

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