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Tribune Will Emerge From Bankruptcy Protection Today

By DAVID LIEBERMAN, Executive Editor | Monday December 31, 2012 @ 6:11am PSTTags: Tribune Co, Tribune Co Bankruptcy, Tribune Co Chapetr 11

TribuneThe biggest media industry bankruptcy ever will end today after four years with Tribune’s chief creditors — Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co – empowered to run the Chicago based broadcasting and newspaper power. The reorganization values the company at about $4.5B. The new management is expected to look for buyers for its assets which include 23 television stations and major metro dailies such as the Los Angeles Times and Chicago Tribune. The company will close on a $1.1B senior secured term loan, which will be used to pay off creditors, and a $300M asset based revolving credit facility to fund its operations. It also will have a new board that consists of CEO Eddy Hartenstein, Oaktree’s Bruce Karsh and Ken Liang, former Disney exec Peter Murphy, former Yahoo and News Corp exec Ross Levinsohn, lawyer Craig Jacobson, and former Fox and Discovery exec Peter Liguori. He’s widely believed to be in line to take the top job at Tribune. Today’s release says that the board will meet “in the next several weeks” and Hartenstein “will remain in his current role until that time.” The plan to emerge from bankruptcy ensures that creditors and vendors “will be receiving payment in full—100% recovery of what they are owed,” Hartenstein says. “These long-term relationships are very important to the company and we are pleased to be successfully resolving these obligations.” Tribune ran into trouble after 2007 when real estate mogul Sam Zell took on debt to finance his $8.2B acquisition. He found himself over his head the following year when the recession hit, and newspaper values plummeted.

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Tribune Tells Bankruptcy Court That It Has A Plan To Finally Stand On Its Own

By DAVID LIEBERMAN, Executive Editor | Saturday November 19, 2011 @ 8:08am PSTTags: Los Angeles Times, Sam Zell, Tribune Broadcasting, Tribune Co, Tribune Co Bankruptcy, Tribune Co Chapetr 11

It’s been nearly three years since real estate magnate Sam Zell drove Tribune to seek bankruptcy protection — the result of his disastrous $8.2B leveraged buyout transactions in 2007. But the broadcasting, publishing and Internet power says its days in the penalty … Read More »

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Forget Eisner: Now It’s Chernin To Tribune? UPDATE: Odds Of It “Way Below 20%”

By NIKKI FINKE, Editor in Chief | Saturday October 23, 2010 @ 1:32pm PDTTags: Big Media, Michael Eisner, News Corp, Peter Chernin, Sam Zell, Tribune Co, Tribune Co Bankruptcy, Tribune Co Chapetr 11, Tribune Co Finance

UPDATE 1:30 PM: I’ve now had time to do some reporting of my own to put perspective on the Wall Street Journal‘s — and this idea of Peter Chernin taking over Tribune Co is a real longshot. Insiders … Read More »

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Tribune Preps Bankruptcy Escape Plan

By THE DEADLINE TEAM | Tuesday October 12, 2010 @ 12:04pm PDTTags: Michael Eisner Tribune Co, Tribune Co, Tribune Co Bankruptcy, Tribune Co Chapetr 11, Tribune Co Finance

Is Michael Eisner still interested in the top Tribune job? What will happen to all of the stations? Those are the pressing questions now that Tribune has supposedly found a way out of Chapter 11. The company and many of its creditors announced a settlement after many of the lenders were holding out. Tribune said it … Read More »

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