Tribune Co. leaves bankruptcy after 4 years
CHICAGO (AP) — Tribune Co. has emerged from a Chapter 11 restructuring more than four years after the media company sought bankruptcy protection.
The reorganized company said Monday that it is starting with a new board of directors and new ownership that includes senior creditors Oaktree Capital Management, Angelo, Gordon and Co., and JPMorgan Chase and Co.
Tribune closed on a new, $1.1 billion senior secured term loan and a $300 million revolving credit line. The loan will fund payments required under the reorganization plan, and the credit line will fund ongoing operations.
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