Tribune Rips Creditors' Bid To Delay Ch. 11 Plan

Law360, Wilmington (August 17, 2012, 5:36 PM EDT) -- Tribune Co. on Friday clashed with junior creditors seeking to delay the implementation of its reorganization plan pending an appeal of the plan's key settlement with senior lenders, saying the media giant cannot afford to languish in Chapter 11 any longer.

Last month, U.S. Bankruptcy Judge Kevin J. Carey approved Tribune’s reorganization plan, which hands control of the $7.3 billion media conglomerate to senior lenders led by JPMorgan Chase & Co. and hedge funds Oaktree Capital Management LP and Angelo Gordon & Co.

However, junior creditors...
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