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Judge set to rule on Tribune bankruptcy plan

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Judge set to rule on Tribune bankruptcy plan
Submitted by Fox First at Ten on July 11th

By RANDALL CHASE
AP Business Writer

WILMINGTON, Del. (AP) - A Delaware judge says he will rule this week on whether Tribune Co. can emerge from Chapter 11 bankruptcy protection.

U.S. bankruptcy judge Kevin Carey said Wednesday that he has drafted a 50-page opinion and will issue a formal ruling by Friday, after attorneys resolve a few outstanding issues.

Billionaire Sam Zell led a 2007 leveraged buyout of Tribune, which left the company saddled with unsustainable debt of nearly $13 billion.

Tribune publishes the Los Angeles Times, The Baltimore Sun, Chicago Tribune and other newspapers. The company also operates 23 television stations.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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