US media group Tribune Co. emerges from bankruptcy


Media giant Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization.
Chicago-based Tribune’s said on Sunday that its portfolio would include eight major daily newspapers and 23 TV stations. As part of the Chapter 11 exit, the company closed on a new $1.1 billion senior secured term loan and a new $300 million asset-based revolving credit facility.
The term loan will be used to fund certain payments under the plan of reorganization and the revolving credit facility will be used to fund ongoing operations, the company said. Upon exiting bankruptcy, Tribune will have issued to former creditors a mix of about 100 million shares of new class A common stock and new class B common stock and new warrants to purchase shares of new class A or class B common stock.


  1. This is a huge chapter 11 bankruptcy reorganization. The term loan will be vital in helping the corporation meet their bankruptcy plan payments. Chapter 11 bankruptcies in the United States are long processes, but 4 years evidences the size of this particular bankruptcy reorganization.

  2. I wonder what they had to pay their bankruptcy attorneys? I know that the United States Trustee program just put out an opinion setting caps on chapter 11 attorney fees, but that was after Tribune Co. emerged from bankruptcy, so their attorneys were still charging upwards of $400 per hour. Click here to see how incredibly high these chapter 11 bankruptcy attorney fees are compared to regular attorneys.

Comments are closed.