Tribune Co. creditors appealed the newspaper chain’s reorganization plan and asked a judge to temporarily halt the company's effort to exit bankruptcy, Bloomberg News reported yesterday. Aurelius Capital Management LP and other holders of Tribune’s oldest debts asked Bankruptcy Judge Kevin Carey to suspend his order approving the plan and a related legal settlement until a higher court reviews the case. Aurelius claims that Judge Carey erred when he approved a settlement that ended some lawsuits against lenders that financed the more than $8 billion leveraged buyout of Tribune in 2007. The creditors hold debt that preceded the buyout loans and claim that the settlement robbed them of the ability to collect by leaving Tribune insolvent. They want the settlement set aside so they can sue.
