nimbuzzing for Filipinos


 
HomeCalendarFAQMemberlistRegisterLog inSearch
December 2017
MonTueWedThuFriSatSun
    123
45678910
11121314151617
18192021222324
25262728293031
CalendarCalendar
Search
 
 

Display results as :
 
Rechercher Advanced Search
Latest topics
» Christian Louboutin bootie on sale
Tue Jan 22, 2013 3:48 pm by cangliang

» Christian Louboutin Daffodile 160mm
Tue Jan 22, 2013 3:47 pm by cangliang

» Discount Christian Louboutin nz
Tue Jan 22, 2013 3:46 pm by cangliang

» Christian Louboutin Evening[
Fri Jan 18, 2013 10:08 am by cangliang

» Christian Louboutin Sale
Fri Jan 18, 2013 10:07 am by cangliang

» Christian Louboutin Love Flats
Fri Jan 18, 2013 10:06 am by cangliang

» Hermes Victoria
Mon Jan 14, 2013 12:27 pm by cangliang

» Hermes Auslauf
Mon Jan 14, 2013 12:26 pm by cangliang

» Hermes Handtaschen
Mon Jan 14, 2013 12:26 pm by cangliang

Latest ?News
go to abs-cbn news

Share | 
 

 Judge rejects Tribune Co's plan to exit bankruptcy

View previous topic View next topic Go down 
AuthorMessage
Swinderman
Member


Posts : 2
Join date : 2010-10-11

PostSubject: Judge rejects Tribune Co's plan to exit bankruptcy   Tue Nov 01, 2011 3:05 pm

The judge also rejected a competing plan from the company's noteholders and but said the company's plan had stronger creditor backing and could be waycheap nfl jerseys out of bankruptcy.

"Neither the (company plan) nor the noteholder plan is confirmable. I am uncertain, at this point, what steps the debtors or other parties may take as a consequence of this decision," wrote Delaware's chief bankruptcy judge, Kevin Carey, in a 126-page opinion.

Carey was charged with deciding a range of legal questions, but the key issue was which plan was legally confirmable and offered the company the best path for repaying creditors and ending its bankruptcy.

Tribune, which also owns more than 20 television stations, filed for bankruptcy in 2008, one year after financier Sam Zell led a $13 billion leveraged buyout of the company.

The bankruptcy wiped out more than a biwholesale nfl jerseysllion dollars of the company's notes and the two bankruptcy plans essentially differed in how they treat legal claims from the buyout.

The company and lenders, led by JPMorgan Chase & Co and hedge funds, proposed a settlement payment of around $500 million to noteholders. Noteholders, led by Aurelius Capital Management LP, an uncompromising hedge fund, rejected that as too cheap and wanted to sue those responsible for the buyout.

In a victory for Tribune and its lenders, Carey said the settlement was reasonable and should be approved.

He also acknowledged that the company-backed plan had overwhelming support from various creditors. However, said he was bound by bankruptcy law that essentially allowed the supporters of the company plan to torpedo the noteholder plan and vice versa, making both plans unconfirmable.

Carey also found other flaws with both plans. He wrote that if both the noteholders and the company presented him with plans that fixed the flaws he identified, he would approve the company's plan.

Under either plan, the company would emerge from bankruptcy under the control of lenders. The company also needs the Federal Communications Commission Cheap NFL Jerseysto approve the transfer of the ownership of the broadcast licenses before it can exit bankruptcy.

Carey issued a warning, however, that if a viable exit strategy did not present itself, he would appoint a trustee to replace Tribune's management and find a way to end the bankruptcy.

He set a status hearing for November 22.

Tribune is the fifth-largest U.S. publisher measured by the daily circulation of its papers, according to Dirks, Van Essen & Murray, a newspaper brokerage firm.

The case is In re Tribune Co, U.S. Bankruptcy Court, District of Delaware, No. 08-13141.http://www.muicamau.org/t15408-topic
Back to top Go down
 
Judge rejects Tribune Co's plan to exit bankruptcy
View previous topic View next topic Back to top 
Page 1 of 1
 Similar topics
-
» Judge Dredd Skirmish game minis ready to roll
» Dr Who and Judge Dredd?
» Skater Girl mini for my Judge Dredd Gang
» President Herman Cain’s 999 Plan In Action
» G-bites a similar plan

Permissions in this forum:You cannot reply to topics in this forum
nimbuzzing for Filipinos :: NIMBUZZING :: Tagalog Forum-
Jump to: