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Tribune Co. Files New Plan to End Bankruptcy Stint
WILMINGTON, Del. (AP) -- Tribune Co. has submitted a revised reorganization plan in the latest attempt to end its nearly two-year stint in bankruptcy protection.

The plan filed late Friday in U.S. Bankruptcy Court in Wilmington, Del., affects Tribune Co. holdings that include the Chicago Tribune, Los Angeles Times and more than 20 TV and radio stations.

A plan drawn up earlier this year fell apart after an independent report found evidence of fraud in the leveraged buyout that led to Tribune Co.'s bankruptcy.

The new plan proposes a trust that could purse legal claims arising from the buyout.

The pivotal filing came just hours after Tribune Co. CEO Randy Michaels resigned in a backlash to published news stories likening him to the ringleader of a college fraternity house.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
10 22 10 by Newsroom
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