Chapter 11 Bankruptcy, Reorganization | featured news

Tribune Co. CEO Randy Michaels resigned Friday amid tales of raunchy behavior as one of America's biggest media companies looked to shift attention back to its efforts to emerge from bankruptcy protection. Hours later, the company filed its latest reorganization plan in court.

Two large Philadelphia daily newspapers hope to emerge from bankruptcy debt-free by paying creditors $37 million in cash plus real estate to settle nearly $400 million in debt.

Philadelphia Newspapers filed its reorganization plan Thursday, six months after filing for Chapter 11 bankruptcy.
The plan gives creditors the iconic downtown building that houses The Philadelphia Inquirer and Philadelphia Daily News.

A majority of bondholders agree to swap their debt for a stake in a reorganized GM, which is expected to file for Chapter 11 on Monday.

G.M. said a key group of bondholders agreed not to oppose the reorganization plan in exchange for a stake of 10% in the new G.M., with warrants to buy an additional 15%.