In an effort to keep its operations intact, the Tribune Company recently gave the Federal district Court in Delaware a formal bankruptcy exit plan for its review. The company, which owns the Los Angeles times, the Chicago Tribune, the South Florida Sun Sentinel, Baltimore Sun, and the Hartford Courant, in addition to operating 23 television station, filed for divorce two years ago. That occurred just a year after Sam Zell, Chicago real estate mogul, purchased the company for $8.2 billion.
The new bankruptcy plan would include eliminate the holdings of an employee stock ownership plan but would would attempt to continue with a retirement plan and a 401(k) plan with matching contributions. In addition, if profits were to hold up, the company would continue its annual profit-sharing plan with its employees.
In order for this plan to be implemented, it must be approved by the court and major creditors. This includes two previous plans that had been made with Tribune's Unsecured Creditor Committee, Oaktree Capital Management, Angelo, Gordon & Co, as well as a new addition, JPMorgan Chase Bank.
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