Angelo Gordon, Oaktree Strike Bankruptcy Deal With Tribune Co.

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.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note