After 3 1/2 years and at least $410 million in fees billed by lawyers and other professionals, Tribune Co. may be on the verge of winning approval for a plan to emerge from bankruptcy court, the Chicago Tribune reported today. The Chicago-based media company and its creditors must appear before Bankruptcy Judge Kevin Carey for a confirmation hearing starting today, but unlike a year ago when a group of junior bondholders led by New York hedge fund Aurelius Capital Management waged all-out war against a restructuring plan proposed by the company and its senior creditors, this plan has drawn little new opposition, and most observers expect Judge Carey to approve it. Given the complexity of the case, legal experts say the judge likely will take several weeks to write a formal opinion. But approval would pave the way for Tribune Co., parent of the Chicago Tribune, to exit bankruptcy as early as the fourth quarter, assuming the company and its lawyers can overcome several key obstacles.
