Tribune Bank Creditors Rip Oaktree Disclosure

Law360, New York (September 28, 2010, 4:37 PM EDT) -- Bank creditors led by JPMorgan Chase & Co. that hold some $730 million in Tribune Co. debt have objected to a disclosure statement put forth by creditors Angelo Gordon & Co. and Oaktree Capital Management LP, calling the hedge funds' proposed reorganization of the bankrupt media conglomerate a "bait and switch."

The Oaktree disclosure statement claims an 88 percent recovery for JPMorgan and other so-called Step One lenders but in reality provides a 67 percent recovery, according to the objection, lodged Monday in the U.S. Bankruptcy...
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