Tribune Co. has won court approval to emerge from bankruptcy, more than 3-1/2 years after seeking chapter 11 protection following a leveraged buyout that saddled the publisher of the Chicago Tribune and Los Angeles Times with too much debt, Reuters reported on Friday. Bankruptcy Judge Kevin Carey on Friday overruled objections to the plan by a variety of creditors. He said he would confirm Tribune's fourth amended reorganization plan once some revisions were made. The reorganization will turn over ownership of Tribune to a group of lenders led by JPMorgan Chase & Co., the hedge fund Oaktree Capital Management LP, and Angelo, Gordon & Co., which invests in distressed companies. They will appoint Tribune's seven-member board. Approval of the plan clears the way for Tribune to seek Federal Communications Commission approval to transfer its broadcast licenses to new owners.
