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Judge to issue ruling this week on Tribune Co. bankruptcy plan
WILMINGTON, Del. (AP) ¯¯¯ 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.