Lenders Balk At Tribune Deal With Creditors

Law360, New York (April 12, 2010, 3:10 PM EDT) -- A group of lenders holding $3.6 billion in claims against The Tribune Co. has balked at an agreement between the bankrupt media company and powerful creditors including JPMorgan Chase & Co. to resolve claims related to the company's disastrous 2007 going-private transaction, calling the deal “internally inconsistent and unfair.”

Blasting the agreement for allegedly benefiting insiders at the expense of debt holders, the lenders asked Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to terminate the Tribune's plan exclusivity to...
To view the full article, register now.