Tribune creditors opposed to the company’s plan to exit bankruptcy won a court stay of last month’s order confirming that plan — if they post a $1.5 bilion bond. Reuters reported Federal bankruptcy Judge Kevin Carey in Delaware gave the creditors until August 29 to post the bond to keep the plan on hold while they pursue an appeal. Creditors including Aurelius Capital Management had appealed Carey’s July 23 decision signing off on the plan. Tribune owns 23 TV stations as well as the Los Angeles Times, Chicago Tribune and six other other daily newspapers. Auerlius opposes the plan and related settlement because it would force bondholders to accept $369 million for $2 billion to $2.3 billion in claims. The creditors may not be able to post the $1.5 billion bond. But they might still appeal the bankruptcy confirmation to the U.S. District Court in Delaware.
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This article was printed from http://www.deadline.com/2012/08/judge-delays-tribune-bankruptcy-plan/