US media group Tribune Co. set to emerge from bankruptcy restructure
January 1, 2013, 12:59 am TWN
NEW YORK, United States -- The U.S. media group Tribune Company, which owns the Los Angeles Times and the Chicago Tribune, is to emerge on Monday from a Chapter 11 bankruptcy restructuring, where it had been since December 2008.
"The company will emerge with a portfolio of profitable assets, strong liquidity, and a new board of directors," it said in a statement posted on its website.
The group is in the process of finalizing a secured loan worth US$1.1 billion and an asset-based revolving credit facility worth US$300 million, following approval of its plans by the U.S. telecommunications regulator, the FCC, in November.
Tribune chief executive Eddy Hartenstein was quoted as saying that "in accordance with our restructuring plan, Tribune's subsidiary creditors and vendors will be receiving payment in full 100-percent recovery of what they are owed."