Friday, 27 March 2015
Last updated 1 hour ago
Sep 29 2010 | 8:53am ET
Thanks to a couple of hedge funds, the Tribune Co.’s newspapers and television stations are on the verge of exiting bankruptcy.
The publisher of the Chicago Tribune and hedge funds Angelo Gordon & Co. and Oaktree Capital Management were forced to alter the bankruptcy exit plans after 14 other creditors rejected their original plan on Monday. The sides did not indicate how the proposal was changed, and the Tribune Co. said only that U.S. Bankruptcy Court Judge Kevin Gross had “endorsed” the plans.
Gross, who oversaw two days of mediation between creditors, simply said that the settlement would “lead to additional constructive discussions.” The new plans still requires a creditor vote and the unsecured creditors committee plans to oppose the $5.5 billion package.
Meanwhile, Tribune’s creditors continue to battle over its 2007 buyout. Some members of the creditors committee want to sue others, namely the banks that financed the buyout.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…