Back in November it was six months until the Tribune Co. parent company of the LAT would be free and clear of bankruptcy. Now, six months later, it’s “later this year.”
U.S. newspaper publisher Tribune Co said on Thursday it has agreed with creditors on a plan that would help it exit bankruptcy protection later this year.
The publisher of the Chicago Tribune and Los Angeles Times, which filed for bankruptcy protection in December 2008, said it reached a deal with major creditors and lenders including JPMorgan Chase & Co, Angelo Gordon, Centerbridge Partners and its Official Committee of Unsecured Creditors.
“Under the plan, the company would emerge from bankruptcy, significantly deleveraged, with its business units intact and with adequate liquidity for operating and capital needs,” Tribune said in a statement.
The company’s senior credit facility lenders would control 91 percent of the stock of the reorganized company and senior noteholders would receive a combination of cash, debt and stock to repay their claims.
Yeah, real estate folks don’t get deadlines, dude.
Previously on FBLA: Tribune Co. Out Of Bankruptcy In Six Months?