Tribune Company, and only Tribune Company, will be allowed to file a plan of reorganization, according to the Delaware bankruptcy judge handling the case. For now, it means a trip to the negotiating table where Tribune will try to convince dissenters to accept it as is.
According to a Bloomberg report, U.S. Bankruptcy Judge Kevin Carey was in almost total agreement with Tribune on a “preliminary” basis.
The group of objecting lenders, who kicked in $3.6B when Sam Zell bought the company in 2007, will be able to file an alternate plan at the end of May if the issue remains unresolved by then. And Carey did not rule out ordering an investigation of the buyout.
The next date to circle on the calendar is 4/22/10. By then Carey wants a settlement. Without one, hearings will commence and the possibility of an investigation will be in play.