Tribune revises recovery plan
Tribune Co. late Friday filed a revised plan to emerge from Chapter 11 bankruptcy proceedings that would keep the firm intact and slash its debt.
Under the proposal, Tribune’s creditors would share ownership of the Chicago-based company, which owns the Los Angeles Times, the Chicago Tribune, KTLA-TV Channel 5 and other media properties, the company said in a news release.
In the filing, the company said it expected its operating cash flow to rise this year to $617 million, up $123 million from 2009.
The new reorganization plan has the support of creditors that are owed about $5 billion, the company said.
Tribune entered Chapter 11 in December 2008, a year after going private in a buyout that left the company with $13 billion in debt.
Randy Michaels resigned as its chief executive earlier in the day amid complaints about his behavior. He was replaced by a four-member executive council.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
