Three and a half years after seeking Chapter 11 protection, Tribune has received court approval to exit bankruptcy, reports Reuters.
The approval was granted Friday by U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., with the judge overruling objections to the plan by creditors, the story notes. He said he plans to confirm the company’s fourth amended reorganization plan after some revisions have been made, the piece adds.
The approval means Tribune will be able to request that the Federal Communications Commission transfer broadcast licenses to new owners. That process, which could take several months, is needed before Tribune can emerge from bankruptcy, according to the story.
Chief Executive Eddy Hartenstein wrote in an email to staff that he expects the judge within several days to formally approve the plan, adding that he hopes the FCC will next act quickly, the article says.
Tribune, which owns 23 television stations, was taken private in 2007 in an $8.2 billion buyout by real estate investor Sam Zell. The company, which also owns newspapers such as the Chicago Tribune, suffered as ad sales slipped, and it filed for Chapter 11 protection in December 2008.