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 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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