Tribune Emerges from Bankruptcy
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Multimedia company Tribune Company has successfully emerged from its Chapter 11 restructuring process.
The company's plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware in July, and the Federal Communications Commission granted Tribune the necessary transfer applications and waivers in November. Tribune's plan of reorganization officially became effective today, Dec. 31, 2012, and distributions to creditors have been initiated.
"Tribune emerges from the bankruptcy process as a multi-media company with a great mix of profitable assets, strong brands in major markets and a much-improved capital structure," said Eddy Hartenstein, Tribune's chief executive officer. "The company's greatest asset, however, is its employees who, individually and collectively, have remained focused on serving our viewers, readers, advertisers and communities with a single-minded sense of purpose and dedication. I want to thank all our employees for their talent and effort throughout this four-year process."
In connection with emergence, Tribune closed on a new $1.1 billion senior secured term loan and a new $300 million asset based revolving credit facility. The term loan will be used to fund certain required payments under the plan of reorganization, and the revolving credit facility will be used to fund ongoing operations.
Tribune owns or operates 23 television stations, WGN America on national cable, the national multicast network Antenna TV and Chicago's WGN-AM. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press.
Tribune previously traded under the ticker symbol (NYSE: TRB).
The company's plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware in July, and the Federal Communications Commission granted Tribune the necessary transfer applications and waivers in November. Tribune's plan of reorganization officially became effective today, Dec. 31, 2012, and distributions to creditors have been initiated.
"Tribune emerges from the bankruptcy process as a multi-media company with a great mix of profitable assets, strong brands in major markets and a much-improved capital structure," said Eddy Hartenstein, Tribune's chief executive officer. "The company's greatest asset, however, is its employees who, individually and collectively, have remained focused on serving our viewers, readers, advertisers and communities with a single-minded sense of purpose and dedication. I want to thank all our employees for their talent and effort throughout this four-year process."
In connection with emergence, Tribune closed on a new $1.1 billion senior secured term loan and a new $300 million asset based revolving credit facility. The term loan will be used to fund certain required payments under the plan of reorganization, and the revolving credit facility will be used to fund ongoing operations.
Tribune owns or operates 23 television stations, WGN America on national cable, the national multicast network Antenna TV and Chicago's WGN-AM. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press.
Tribune previously traded under the ticker symbol (NYSE: TRB).
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