Chicago Tribune files new reorganization plan

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Source: Reuters

CHICAGO (Reuters) - Tribune Co , the owner of the Los Angeles Times and Chicago Tribune newspapers, has filed a third reorganization plan with the U.S. Bankruptcy Court in Delaware as the media company attempts to address concerns raised by the court last month.

The company said the plan has the backing of its co-proponents, the Unsecured Creditors Committee, Oaktree Capital Management, L.P., Angelo, Gordon & Co, L.P., and JP Morgan Chase Bank, the company said on Friday.


Last month, the court rejected Tribune's plan to end its three-year stay in bankruptcy as well as a competing plan from the company's noteholders, but said Tribune's plan had a stronger creditor backing and suggested that it might offer the company a way out of bankruptcy.

The amended reorganization plan continues to include a proposed settlement of around $500 million payable to noteholders

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