The Tribune Tower, headquarters of the Tribune Company, in Chicago, Illinois.(Photo: Scott Olson, Getty Images)
CHICAGO -- Tribune Co. announced it is emerging after more four years of bankruptcy.
Tribune
said late Sunday the reorganized media company begins Monday with new
ownership - the senior creditors - and a new board of directors: Bruce
Karsh, Ken Liang, Peter Murphy, Ross Levinsohn, Craig A. Jacobson, Peter
Liguori, and Eddy Hartenstein.
"Tribune will emerge from the
bankruptcy process as a multimedia company with a great mix of
profitable assets, strong brands in major markets and a much-improved
capital structure," said Hartenstein, Tribune's chief executive officer.
Senior
creditors Oaktree Capital Management, Angelo, Gordon & Co. and
JPMorgan Chase & Co. will control of the new company. The Chicago
Tribune reported late Sunday that Liguori, a former TV executive at
Discovery and Fox, is expected to be named chief executive the
reorganized Tribune Co.
Tribune, which was founded in 1847,
publishes some of the best-known newspapers in the U.S., including the
Los Angeles Times, The Baltimore Sun and the Chicago Tribune. It also
owns WGN in Chicago and 22 other television stations, as well as the WGN
radio station. The Tribune's report Sunday said that the new owners
expect to sell all of the company's assets.
Tribune Co. sought
bankruptcy protection in 2008, less than a year after billionaire
developer Sam Zell led an $8 billion leveraged buyout that left the
company with $13 billion in debt.
Associated Press