Releases Will Trip Up Tribune Plan, Noteholders Say

Law360, New York (April 14, 2011, 8:05 PM EDT) -- Opposition noteholders in Tribune Co.'s bankruptcy argued in Delaware on Thursday that the media giant's proposed reorganization plan contains the same sort of impermissible, overly broad release provisions that tripped up Washington Mutual Inc.'s Chapter 11 plan in January.

While the releases do not impact most claims stemming from the disastrous 2007 leveraged buyout of Tribune — the focal point of the media giant’s dual-plan confirmation battle — they still render the plan unconfirmable, attorneys for the noteholders said at a hearing in the U.S. Bankruptcy...
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