Tribune Needs To Exit Ch. 11 Soon, Exec Says

Law360, New York (March 14, 2011, 6:24 PM EDT) -- A top Tribune Co. executive testified Monday about the media giant’s urgent need to exit bankruptcy, saying the company’s protracted stay in Chapter 11 is hampering its ability to adapt to a rapidly changing media landscape.

Eddy Hartenstein, one of Tribune’s four co-presidents, took the stand in support of the company’s reorganization plan in the U.S. Bankruptcy Court for the District of Delaware, testifying that the bankruptcy has been “toxic” to potential partnerships and mergers that could help offset a precipitous decline in advertising revenues....
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