Wednesday, 27 May 2015
Last updated 8 hours ago
Jul 24 2012 | 11:43am ET
As expected, a federal judge yesterday approved a bankruptcy exit plan that will hand the Tribune Co. to a group of lenders led by hedge funds. And, as expected, other lenders, including Aurelius Capital Management, have appealed the decision.
U.S. Bankruptcy Judge Kevin Carey's approval was expected; he said he would OK the deal earlier this month after rejection Aurelius' objections. The move, if it withstands the appeal, will allow the group of creditors led by Angelo Gordon & Co., Oaktree Capital Management and JPMorgan Chase to take control of the newspaper publisher and broadcaster by the end of the year.
It also allows the Federal Communications Commission to begin considering Tribune's application to transfer its television and radio licenses to the new owners.
Aurelius and other creditors filed separate appeals yesterday, and asked that Carey's ruling be stayed pending them. The creditors say a judge should not have approved the settlement of legal claims against banks that financed Tribune's 2007 leveraged buyout, which left the company with $13 billion in debt.
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…