Bondholder Group Sues Banks Over Tribune Buyout

By Jesse Greenspan

Law360, New York (March 05, 2010, 6:32 PM ET) -- A group of Tribune Co. bondholders has filed an adversary case against Citigroup Inc. and other banking giants over their role in a 2007 leveraged buyout that left the news giant saddled with about $9 billion in new debt.

Wilmington Trust Co., indenture trustee for the holders of a series of subordinated debentures in the amount of $1.2 billion, lodged the suit Thursday in the U.S. Bankruptcy Court for the District of Delaware, saying the proofs of claim of Citigroup, JP Morgan Chase & Co., Bank...
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