Since new amendments to the plan have been written, senior lenders must be given a chance to vote on the deal. This means that new voting materials must be printed out and senior lenders asked to vote for or against the confirmation. Aurelius, a hedge fund, has been arguing with Oaktree Capital Management, Angelo, Gordon & Co. and J.P. Morgan Chase & Co. over the terms of the bankruptcy exit.
The new terms will offer senior noteholders, as well as some other creditors, the choice between a cash payout or a combination of cash, debt and stock in the reorganized company. This came right in the middle of the mediation held between Tribune and its backers and Aurelius. Should this final mediation attempt fail, all parties must attend the confirmation hearing in court.