Tribune Ends Bankruptcy With Lower Earnings
The company’s broadcasting division, which includes WGN Chicago that’s carried on many cable services, generated an operating profit of $366.5 million last year, up 10% from $332 million in 2011. Broadcasting revenue edged up 4% last year to $1.14 billion.
Tribune Co. creditors won a court stay Wednesday of last month’s order confirming the company’s plan to exit bankruptcy, so long as they pay a $1.5 billion bond.
The judge overseeing Tribune Co.’s bankruptcy adjourned a hearing today on the company’s reorganization plan and said he’ll issue a decision by July. With some of parties in the case still haggling over some final language for the plan, Delaware Bankruptcy Court Judge Kevin Carey left open the possibility of a follow-up conference call on Monday if they can’t resolve their differences and send him the final plan by next week.
You won’t find Tribune Co.’s bankruptcy lawyers looking in the want ads any time soon. Professional fees topped $150 million last month in the newspaper publisher and television station operator’s Chapter 11 case.
Tribune Co bondholders led by hedge fund Aurelius Capital Management on Monday filed a revised bankruptcy reorganization plan for the media company, hoping to overcome objections by senior creditors.
David Kurtz, a managing director for Lazard Ltd., was the first witness in a two-week hearing that could decide the fate of the media conglomerate. U.S. Bankruptcy Judge Kevin Carey must decide whether to approve Tribune Co.’s proposed reorganization plan, a competing plan submitted by dissident bondholders, or neither.
Exclusives
After 27 months of legal wrangling, Tribune Co. and its creditors today are finally headed into what could be the deciding chapter of the company’s tangled bankruptcy saga.
On Tuesday, Tribune filed a letter with its bankruptcy court judge, then re-filed it the next day with lots of blacked-out material. Among the redacted material: details on the $268 million insider bonanza the year before the Chapter 11 filing and the payment of $23.7 million to big lender J.P. Morgan Chase & Co. out of the view of the bankruptcy judge.
Metro-Goldwyn-Mayer has emerged from bankruptcy protection, the studio announced on Monday.Its exit from Chapter 11 means that Spyglass chiefs Gary Barber and Roger Birnbaum will assume leadership immediately as co-chairmen and CEOs.
In a move that underscores the dramatically changing of tastes of television viewers and the overleveraged finances of some media companies, the once-vibrant Robert Halmi Inc. production company has filed a prepackaged Chapter 11 reorganization in New York Bankruptcy Court.
Bankrupt broadcaster and newspaper publisher Tribune Co. will enter the home stretch of its reorganization this week after a judge said he expects to clear the way for creditors to vote on how to end the Chapter 11 case.
LOS ANGELES (AP) — Troubled studio Metro-Goldwyn-Mayer Inc. says that a federal bankruptcy court has approved its prepackaged bankruptcy plan. In the plan, its lenders will exchange nearly $5 billion […]
The judge in Tribune Co.’s nearly two-year-old bankruptcy case struggled openly at a key hearing Monday as he attempted to referee what one participant described as a “four-ring circus” and another called “total chaos.”
Hollywood studio Metro-Goldwyn-Mayer Inc., the home of James Bond, says it has filed for bankruptcy protection as the culmination of a long process to restructure its finances with the support of lenders.
