Tribune Co. is nearing the end of its three-year bankruptcy proceedings after it submitted its second reorganization plan last week. The failing newspaper, radio and television station company filed for Chapter 11 protection in 2009.
Under its plan, Tribune would leave bankruptcy protection with all of its assets. Should it be approved by the court, the company’s final bankruptcy stage could take another several months, as it will need federal approval to transfer its licenses to the new owners.
Some of its new owners include hedge funds Angelo, Gordon & Co. and Oaktree Capital Management LP, as well as JP Morgan Chase & Co, Business Week reports.
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