In Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

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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