Trustee Files Revised Lawsuits Over Tribune Buyout

DOVER, Del. (AP) — A trustee established under the Tribune Co.'s bankruptcy reorganization plan has filed new lawsuits over the 2007 leveraged buyout led by billionaire Sam Zell that left the media conglomerate saddled with insurmountable debt. The lawsuits filed earlier this month in federal district court in New York are revisions of complaints originally filed by Tribune's committee of unsecured creditors. Tribune's plan included a settlement shielding the buyout lenders from lawsuits while allowing litigation against others, including Zell, other Tribune officers and directors, and certain shareholders who cashed out in the buyout. A court-appointed examiner concluded in 2010 that the final steps of the buyout probably constituted fraud. Under Tribune's plan, the first $90 million from any lawsuit recoveries would go to retirees and senior unsecured bondholders.Read more on NewsOK.com

Topics:  dover   del ap    tribune co   sam zell   new york   under tribune   newsok    a    a   tribune   trustee   lawsuits   buyout   plan   filed   unsecured   

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News