Friday, 22 May 2015
Last updated 2 hours ago
Jul 16 2012 | 11:46am ET
At long last, a federal court has approved a bankruptcy exit plan for the Tribune Co., which hands the newspaper publisher to a group of lenders led by two hedge funds.
U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., who last year angrily rejected two bankruptcy plans, on Friday said he approve the most recent one, Tribune's fourth, pending a few revisions. In doing so, he rejected objections proffered by several creditors, including hedge fund Aurelius Capital Management.
The ruling allows Tribune, which owns 23 television stations in addition to the Chicago Tribune, Los Angeles Times and a number of other newspapers, to seek Federal Communications Commission approval for the transfer of its broadcast licenses. If that approval is gained—it could take several months—a group of creditors led by Oaktree Capital Management, Angelo Gordon & Co. and JPMorgan Chase will appoint a new seven-member Tribune board.
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…