Tribune Can Pursue $300M BofA, Merrill Credit Facility

Law360, New York (August 6, 2012, 10:13 PM EDT) -- A Delaware bankruptcy judge on Monday signed off on Tribune Co.'s proposed $225,000 payment to Bank of America NA and Merrill Lynch Pierce Fenner & Smith Inc. as the first step toward securing a $300 million credit facility.

U.S. Bankruptcy Judge Kevin J. Carey found that Tribune's obligations under an expense letter with Bank of America and Merrill Lynch are “actual necessary costs and expenses of preserving the estates.” The credit facility will finance Tribune's exit from bankruptcy.

The financing would take the form of a...
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