A bankruptcy judge has refused to delay a hearing on the disclosure statement outlining the Tribune Co.’s proposed reorganization plan for the Chicago company’s media assets, including The Hartford Courant and WTIC Channel 61, the Associated Press reports.
Critics of the plan argued that the Chapter 11 reorganization hearing should be postponed until an independent examiner reviewing the 2007 leveraged buyout of the media conglomerate submits his report in July.
Tribune attorneys says Thursday’s hearing should proceed. They say the examiner’s report will be available before creditors vote on Tribune’s plan.
Under the plan, JPMorgan and distressed-debt specialist Angelo, Gordon & Co. would be among the new owners of the company. Centerbridge Partners, which leads a group that owns bond debt, would also get a stake.
Tribune also owns, among other media and broadcast properties, the Chicago Tribune, Los Angeles Times and Baltimore Sun.
