The Tribune Co.'s board has formed a special committee to oversee the newspaper company's bankruptcy reorganization after lenders withdrew support for a restructuring plan, Bloomberg News reported from a court filing.
Lawyers for the company told a Delaware bankruptcy judge a week and a half ago that the media company couldn't bring parties in its bankruptcy case together, and that JPMorgan Chase and distressed-debt specialist Angelo, Gordon & Co. had dropped out a settlement agreement that would have left them among the company's new owners.
Tribune also said then that it was considering litigation over fraudulent transfer claims related to its 2007 leveraged buyout.
The company's daily papers include the Morning Call in Allentown, as well as the Los Angeles Times, Chicago Tribune, Baltimore Sun and Hartford Courant. - Inquirer wire services