A bankruptcy judge on Thursday will consider a restructuring plan by Tribune and its creditors — one that apparently is palatable to all parties and the judge is expected to approve. The Chicago Tribune’s Michael Oneal reports:
Given the complexity and contentiousness of the case, legal experts said the judge will likely take several weeks to write a formal opinion. But approval would pave the way for Tribune to exit bankruptcy protection as early as the fourth quarter of this year, assuming the company and its lawyers can overcome several key obstacles still in its path.
Tribune filed for bankruptcy in late 2008 and has spent more than $400 million in legal/professional fees.