Tribune Noteholders Again Revise Ch. 11 Plan

Law360, New York (April 26, 2011, 8:00 PM EDT) -- A group of Tribune Co. noteholders revised their reorganization plan for the bankrupt media giant Monday, nixing a flat 8 percent recovery to some classes that hold certain guarantor debtor claims and reclassifying certain swap claims.

The noteholders, led by hedge fund Aurelius Capital Management LP, modified their plan after opponents of an earlier version claimed that a provision calling for a flat 8 percent recovery to holders of what are classified as "other guarantor debtor claims" violated the bankruptcy code. Objectors had argued that there...
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