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Monday, March 21, 2011

The Tribune bankruptcy plan is deadlocked – again

Tribune The Chicago Tribune, owned by the Tribune company, reports the bankruptcy case involving Tribune is deadlocked, following weeks of confirmation hearings in a Delaware courtroom. Tribune, which is also the parent company of Chicago's talk WGN-AM (720), now finds itself at an impasse. U.S. Bankruptcy Judge Kevin Carey says "The parties are stuck. We're in the middle of a multiconstituent … melee. I have to be more proactive in drawing us to some conclusion." Confirmation hearings regarding the bankruptcy case began on March 7 in Wilmington, Delaware in an effort to resolve the Tribune bankruptcy which has now lasted 27 months. The current logjam pits creditors including Oaktree Capital Management and J.P. Morgan Chase against a group of junior bondholders including Aurelius Capital Management. You can read more from the Tribune here.

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