Tribune step one lenders withdraw competing plan of reorganization

By Caroline Salls

Pittsburgh, Dec. 15 - Tribune Co.'s step one lenders have withdrawn their competing plan of reorganization filed in the company's Chapter 11 case, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the step one lender filed one of four plans submitted for Tribune's case.

The other plans were filed by pre-leveraged buyout bondholder Aurelius Capital Management, LP, bridge lenders King Street Acquisition Co., LLC, King Street Capital, LP and Marathon Assets Management, LP and the company, in conjunction with its unsecured creditors committee, Oaktree Capital Management LP, Angelo, Gordon & Co. and JPMorgan Chase Bank.

The step one lenders said they would not solicit acceptances of their plan and would not seek confirmation.

The disclosure statements for the competing plans were approved last week. The plan confirmation hearing is scheduled for March 7.

Tribune, a Chicago-based media company, filed for bankruptcy on Dec. 8, 2008. Its Chapter 11 case number is 08-13141.

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