Tribune Company Bankruptcy Discussions Deteriorate
Published on 08/23/2010 -
The company, which owns the LA Times, Chicago Tribune, and many other media entities, has been embroiled within its bankruptcy proceedings for nearly two years.
Negotiations between the company and creditors regarding the reorganization plan deteriorated last week. Now the company will propose yet another amended plan.
It now seems that there will be considerable litigation between the Tribune Company and the lenders and bondholders that it must repay.
The company will develop another reorganization plan and submit it to the US Bankruptcy Court in Delaware where the case is being heard.
The bankruptcy process will go on until November at the very earliest, when the next hearings about the reorganization will take place.
The creditors will ultimately decide whether or not they will accept the new proposal.
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