FCC Won't Clear Tribune Ch. 11 Plan, Expert Says

Law360, New York (March 17, 2011, 5:01 PM EDT) -- Tribune Co.’s reorganization plan will run afoul of Federal Communications Commission regulations by handing ownership to lenders with stakes in other media companies, a lawyer testified Thursday in a Delaware bankruptcy court.

JP Morgan Chase Bank NA and two hedge funds are set to receive a combined majority stake in Tribune, but their other media interests will “complicate and delay” FCC approval of the plan, Mark Prak of Brooks Pierce McLendon Humphrey & Leonard LLP said at a hearing in the U.S. Bankruptcy Court for the...
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