Tribune Co. bankruptcy case gets mediator
The long bankruptcy case involving a huge media conglomerate might be nearing its end.
A mediator has been appointed to help hammer out an agreement between multimedia giant Tribune Co. and its creditors.
According to a Reuters report, Delaware bankruptcy judge Kevin Gross was appointed by a federal court to help resolve the claims against Tribune Co., which has been bankrupt for the last 20 months. Gross previously helped energy marketing firm Semco and its creditors, and in that case, the parties were similarly at loggerheads.
The report said that both Tribune and its various creditors are to submit a five-page summary of what they would accept in a bankruptcy exit plan to Gross. While the mediation is ongoing, no one involved in the case will be allowed to file motions, but are free to submit new reorganization plans.
A Wall Street Journal report said that these problems illustrate many of the obstacles Tribune still faces. The company has been in bankruptcy since December 2008 and owes nearly $13 billion to numerous creditors.
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