Both Ch. 11 Plans Nixed, Tribune Threatened With Trustee

Law360, New York (October 31, 2011, 11:08 PM EDT) -- A Delaware bankruptcy judge on Monday denied both proposed reorganization plans for the Tribune Co. and threatened to appoint a Chapter 11 trustee if warring creditor factions fail to put forth an exit strategy to pull the media giant out of bankruptcy.

In a sternly worded 126-page opinion, U.S. Bankruptcy Judge Kevin Carey said the $488 million settlement underpinning the plan proposed by Tribune was reasonable, but added that neither that plan nor the one proffered by junior noteholders was confirmable as is under the Bankruptcy...
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