Tribune in last stages of bankruptcy
Posted on Monday, June 11th, 2012 at 8:47 pm
Tribune Co. is in its last stages of Chapter 11 bankruptcy as it tries for the second time to have its reorganization plan approved by bankruptcy court. The failing newspaper, radio, and television company filed for bankruptcy protection three years ago.
However, if their reorganization plan is approved, it could take several months before the last stage can be completed for them to exit court protection. Tribune will need to get federal approval to transfer its licenses to new owners.
According to Business Week, some of the Tribune’s new owners will include JP Morgan Chase & Co., Angelo, Gordon & Co. and Oaktree Capital Management LP.
If you are interested in learning about the benefits of Chapter 11 bankruptcy, contact the Chapter 11 bankruptcy lawyers of Bradford Law Offices, PLLC today at 919-758-8879.