Tribune Company Emerges from Bankruptcy

Company sought bankruptcy protection in 2008

The Tribune Company said Monday 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 that it closed on a new, $1.1 billion senior secured term loan and a $300 million revolving credit line.

"It took a long time to get here," Ken Liang, a managing director at Oaktree and a new member of the board, said according to a Monday report. "It was a tough restructuring. We're pretty excited about the exit."

Tribune was founded in 1847. It publishes the Los Angeles Times and the Chicago Tribune and also owns WGN in Chicago and 22 other television stations.

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.

Copyright AP - Associated Press
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