Judge set to rule on Tribune bankruptcy plan

AP News
|
Posted: Jul 11, 2012 4:35 PM
Judge set to rule on Tribune bankruptcy plan

WILMINGTON, Del. (AP) — A Delaware judge says he will rule this week on whether Tribune Co. can emerge from Chapter 11 bankruptcy protection.

U.S. bankruptcy judge Kevin Carey said Wednesday that he has drafted a 50-page opinion and will issue a formal ruling by Friday, after attorneys resolve a few outstanding issues.

Billionaire Sam Zell led a 2007 leveraged buyout of Tribune, which left the company saddled with unsustainable debt of nearly $13 billion.

Tribune publishes the Los Angeles Times, The Baltimore Sun, Chicago Tribune and other newspapers. The company also operates 23 television stations.