Tribune Poised To Exit Ch. 11 After FCC Approves Licenses

Law360, Wilmington (November 16, 2012, 7:07 PM EST) -- The Federal Communications Commission cleared Tribune Co. on Friday to transfer its broadcast licenses to new ownership, removing the final obstacle to the media giant's exit from a four-year stint in bankruptcy.

Tribune won Delaware bankruptcy court approval for its reorganization plan in July, but still needed the FCC's blessing because the plan hands control of the $7.3 billion media conglomerate lenders led by JPMorgan Chase & Co. and hedge funds Oaktree Capital Management LP and Angelo Gordon & Co.

In a statement on Friday, Tribune...
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