CHICAGO -- Tribune Co. announced it is emerging after more four years of bankruptcy.
Tribunesaid late Sunday the reorganized media company begins Monday with newownership - the senior creditors - and a new board of directors: BruceKarsh, Ken Liang, Peter Murphy, Ross Levinsohn, Craig A. Jacobson, PeterLiguori, and Eddy Hartenstein.
"Tribune will emerge from thebankruptcy process as a multimedia company with a great mix ofprofitable assets, strong brands in major markets and a much-improvedcapital structure," said Hartenstein, Tribune's chief executive officer.
Seniorcreditors Oaktree Capital Management, Angelo, Gordon & Co. andJPMorgan Chase & Co. will control of the new company. The ChicagoTribune reported late Sunday that Liguori, a former TV executive atDiscovery and Fox, is expected to be named chief executive thereorganized Tribune Co.
Tribune, which was founded in 1847,publishes some of the best-known newspapers in the U.S., including theLos Angeles Times, The Baltimore Sun and the Chicago Tribune. It alsoowns WGN in Chicago and 22 other television stations, as well as the WGNradio station. The Tribune's report Sunday said that the new ownersexpect to sell all of the company's assets.
Tribune Co. soughtbankruptcy protection in 2008, less than a year after billionairedeveloper Sam Zell led an $8 billion leveraged buyout that left thecompany with $13 billion in debt.