Case Study: In Re Tribune Co.

Law360, New York (November 4, 2011, 4:43 PM EDT) -- Halloween provided frights for debtors and a victory for creditors when Judge Kevin Carey issued his opinion in the Tribune Company bankruptcy cases in Delaware. Judge Carey denied confirmation of competing plans of reorganization and provided creditors with an arrow for their quivers when opposing confirmation of a “joint plan” in jointly administered cases.[1]

Judge Carey’s lengthy opinion included a section on 11 U.S.C. § 1129(a)(10) where he held that neither plan satisfied this confirmation requirement. The section provides, “If a class of claims is impaired...
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