Tribune Creditors Lose Bid To Nix $1.5B Bond

Law360, Wilmington (August 28, 2012, 2:31 PM EDT) -- Tribune Co.'s junior creditors can't avoid posting a $1.5 billion bond if they want to stay implementation of the media giant's reorganization plan for an appeal, a Delaware federal judge ruled Monday.

U.S. District Judge Gregory M. Sleet rejected an emergency motion from hedge fund Aurelius Capital Management LP and other junior creditors to eliminate the bond requirement ordered by a bankruptcy judge last week.

“[T]he court concludes that the bankruptcy court's order was appropriate under Federal Rule of Bankruptcy Procedure 8005 with regard to the...
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