Bankruptcy judge begins hearing on Tribune Co.’s revised plan to exit Chapter 11

WILMINGTON, Del. – A federal bankruptcy judge in Delaware is reviewing Tribune Co.’s latest proposal to emerge from Chapter 11 protection.

An attorney for Tribune told the judge at a hearing Thursday that the latest plan addresses most of the concerns raised by the judge last October, when he rejected a plan submitted by the company. Both versions centre on the settlement of legal claims stemming from a 2007 leveraged buyout led by billionaire Sam Zell.

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Tribune owns the Chicago Tribune, the Los Angeles Times, other major newspapers and more than 20 television and radio stations, including WGN in Chicago. It sought bankruptcy protection in 2008, less than a year after the buyout left it saddled with almost $13 billion of debt.

The hearing continues Friday.