Thu - 18.01.2018

chapter 11 protection

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

Brown Publishing Co., the publisher 15 dailies and a number of weeklies mainly in Ohio, filed for bankruptcy due to advertising decline in real estate market, according to the Bloomberg's article posted on Business Week.

Brown, based-in Cincinnati, filed for reorganization on April 30. According to its statement, the private-held company and 14 affiliates had assets of $94.1 million and $104.6 million in debts as of March 31. The company is suffered from a drop in retail advertising in Ohio, as well as Dan's Paper's ad downturn affected by real estate market, said Chief Executive Officer Roy Brown in a court filing.

"Over the past two years, our employees have battled the effects of an unprecedented economic and financial crisis with inspirational grit and determination," Brown added. "It is with their interests pre-eminently in mind that we have pursued this course," Media Bistro reported.

The company's affiliates include Delaware Gazette Co., Texas Business News LLC and Utah Business Publishers LLC, according to the article posted on SFGate.


Erina Lin


2010-05-03 23:22

A bankruptcy court judge has accepted the Minneapolis Star Tribune's reorganisation plan, which could enable the paper to be independent of chapter 11 bankruptcy protection within the next few months, the Minneapolis St. Paul Business Journal reported.

The plan remains to be approved by creditors who will vote on whether or not to accept the proposed reorganisation that would give more than 95 percent of the company's stake to an investment group.

The newspaper is also expected to install a new board of directors and name a new publisher by the end of August.

The project should allow the paper to leave behind chapter 11 bankruptcy protection, taking a $100 million in debt with it.


Leah McBride Mensching


2009-07-31 16:19

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