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  • Judge Rejects Both Reorganization Plans For Tribune[$13B Debt Chicago Trib,LA Times,23 TV Stations]

    10/31/2011 9:42:00 PM PDT · by fight_truth_decay · 2 replies
    Chicago Business ^ | October 31, 2011(Updated 8:08 p.m.) | By: Lynne Marek
    (Crain's) — The federal judge overseeing the Tribune Co. bankruptcy case shot down reorganization plans submitted by the Chicago-based media company and a dissident creditor group, threatening to appoint a trustee to oversee the case if they don't resolve it soon. Tribune filed for bankruptcy protection in December 2008 under the weight of $13 billion in debt, a year after the company was taken private in an $8.2-billion leveraged buyout led by real estate mogul Sam Zell, who became its chairman. In a decision that started with the parable of the scorpion that stings the fox carrying him across the...