Wednesday, 25 November 2015
Last updated 5 hours 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…