Date

Fri - 17.11.2017


reorganisation

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, Philly.com 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.

Author

Erina Lin

Date

2010-09-01 18:13

Canada's national news service is considering switching from an industry cooperative to a for-profit company.

Under the new set-up, The Canadian Press would be owned by its three largest members: Torstar Corp., Gesca and CTVglobemedia, The Globe and Mail (owned by the latter) reported. The deal still needs to receive federal approvals.

Spurred by increasing financial difficulties, the 93-year-old organisation has been discussing a restructuring so that it will not have to depend on members to help pay operating costs.

Two of the news service's largest members recently dropped out of the cooperative. CanWest Global Communications Corp., which dropped its subscription in 2007 in favour of its own newswire, CanWest News Service. In 2009, Sun Media Corp. announced it would leave the CP, and Quebecor Inc., which owns Sun Media, is also considering switching to a news-sharing service of its own, according to The Globe and Mail.

Author

Leah McBride Mensching

Date

2010-07-05 21:56

Tribune Co.'s recent bankruptcy exit plan has been harshly criticised by creditors such as Oaktree Capital Management, Goldman Sachs Loan Partners and Marathon Asset Management, who said that it was "impossibly tainted by the Debtors' attempt to give a free pass to their insiders. And it is not a settlement that has the approval or agreement of the lion's share of the entities being asked to fund it," Variety reported today.

The reorganisation plan permits Tribune Co., which belongs to Sam Zell (left), to keep its newspapers and broadcast stations as it eases the group's Chapter 11 bankruptcy, reported the Boston Globe. If the plan receives approval then Tribune Co. will hand over ownership to lenders JPMorgan Chase & Co and Angelo, Gordon & Co.

The afore-mentioned creditors would be releasing more than US$400 million in value to bondholders and other unsecured creditors. Under the plan, Tribune Co.'s board would be "released for free, without any payment or consideration, accompanied by unlimited indemnities from the reorganized enterprise," the Variety article stated. According to the Globe, these creditors require to be paid $3.6 billion.

Author

Alisa Zykova

Date

2010-04-13 17:36

Morris Publishing Group announced today its "pre-packaged" reorganisation plan has been confirmed in U.S. Bankruptcy Court, based in Atlanta, Georgia, Editor & Publisher reported today. After its disclosure statement was approved, the U.S. publisher was predicted to begin debt recovery as early as March 1, according to PR Newswire.

PR Newswire suggested that Morris Publishing and its 13 daily newspapers would be reducing debt from around US$418 million to almost $107 million. Affiliates owned and operated by the Morris family will be offering $85 million in financial aid, Reuters reported today.

The publisher mentioned that it would be substituting $100 million of new second lien secured notes (due in 2014) for the cancellation of approximately $278.5 million of senior subordinated unsecured notes (due in 2013) as well as accumulated and unpaid interest.

"Our commitment is to remain an agile and innovative market-driven newspaper company whose core mission is to gather and distribute news, support our advertisers and publish great newspapers and Web sites," said Chairman William S. Morris III.

Author

Alisa Zykova

Date

2010-02-17 18:51

Philadelphia Newspapers LLC, the publisher of The Philadelphia Inquirer and Daily News, filed a US$92 million reorganisation plan, which aims to keep the newspapers in local ownership and pull the company out of bankruptcy, Reuters reported Friday.

The plan will see a group of local investors fund the reorganisation, which was filed with the federal bankruptcy court in Philadelphia Thursday. The group, led by local real estate executive Bruce Toll, has proffered $52 million, which includes $35 million in new equity and the balance in credit, to the struggling media company.

Other investors include the Carpenters' Union Pension Fund and Penn Matrix Investments.

The plan provides creditors around $67 million in cash and Philadelphia real estate, which includes the newspapers offices. The cash makes up $37 million worth of the debt payment and the real estate forming $29 million. The rest of the $92 million filling concerns the internal costs of extracting the company from bankruptcy.

If approved by the court, the plan would remove nearly $300 million in debt.

Philadelphia Newspapers LLC sought Chapter 11 bankruptcy protection in February, sighting a dramatic fall in revenue, the economic environment and the company's debt structure.

Author

Leah McBride Mensching

Date

2009-08-21 16:14

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.

Author

Leah McBride Mensching

Date

2009-07-31 16:19

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