A federal appeals court yesterday refused to undo a central component of Tribune Co.’s bankruptcy plan in a defeat for prominent hedge fund Aurelius Capital Management LP, which claimed it was short-changed by the reorganization, Reuters reported yesterday. By a 3-0 vote, the U.S. Court of Appeals for the Third Circuit said that letting Aurelius pursue an appeal related to more than $2.2 billion of bankruptcy claims would be unfair to Tribune and to creditors who overwhelmingly approved the media company's chapter 11 plan. Circuit Judge Thomas Ambro said that those parties deserve "finality" after Tribune's emergence from bankruptcy in December 2012, while Aurelius did not deserve "by judicial fiat what it could not achieve by consensus within chapter 11."
