Tribune leaves bankruptcy after 4 yearsDecember 31, 2012 in Technology / Business
(AP)—Tribune Company says it has emerged from a Chapter 11 restructuring more than four years after the media company sought bankruptcy protection.
The reorganized company is starting with a new board of directors and new ownership including senior creditors Oaktree Capital Management, Angelo, Gordon and Co., and JPMorgan Chase and Co.
The company also said Monday that it closed on a new, $1.1 billion senior secured term loan and a $300 million revolving credit line.
It sought bankruptcy protection in 2008, less than a year after billionaire developer Sam Zell led an $8 billion leveraged buyout that left the company with $13 billion in debt.
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"Tribune leaves bankruptcy after 4 years" December 31, 2012 http://phys.org/news/2012-12-tribune-bankruptcy-years.html