Tribune: Rejecting creditors get OK to change plan votes to accepting

By Lisa Kerner

Charlotte, N.C., April 21 - Tribune Co.'s request to allow five creditors to change their votes on the company's plan of reorganization to accepting the plan from rejecting was granted, according to an April 21 filing with the U.S. Bankruptcy Court for the District of Delaware.

The creditors in question include Longacre Opportunity Fund, LP, ASM Capital, LLC, Fair Harbor Capital, LLC, Liquidity Solutions, Inc. and Debt Acquisition Co. of America.

As previously reported, Tribune said ASM and Longacre withdrew their objections to the plan filed by the company, its official committee of unsecured creditors and its lender, and the decision by all five is to support confirmation of the plan.

With the voting change, all classes of general unsecured claims against Tribune's subsidiary debtors in which votes were cast will be voting in the required majorities to approve the Tribune/committee/lender plan.

ASM and Longacre objections were based on a $150 million cap on payments to holders of subsidiary debtor general unsecured claims in earlier versions of the plan.

Since the original votes on the plan were cast, the plan proponents have agreed to remove the cap.

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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