Ruling Set for Tribune's Bankruptcy Plan

Billionaire Sam Zell bought out the Tribune leaving them in a $13 billion debt

Wednesday, Jul 11, 2012  |  Updated 5:58 PM CDT
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Ruling Set for Tribune's Bankruptcy Plan

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A Delaware judge says he will rule this week on whether Tribune Co. can emerge from Chapter 11 bankruptcy protection.

U.S. bankruptcy judge Kevin Carey said Wednesday that he has drafted a 50-page opinion and will issue a formal ruling by Friday, after attorneys resolve a few outstanding issues.

Billionaire Sam Zell led a 2007 leveraged buyout of Tribune, which left the company saddled with unsustainable debt of nearly $13 billion.

Tribune publishes the Los Angeles Times, The Baltimore Sun, Chicago Tribune and other newspapers. The company also operates 23 television stations.

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