Tribune Company, a US media conglomerate whose assets include The Chicago Tribune and Los Angeles Times newspapers, announced that it will successfully emerge from its bankruptcy restructuring Monday.
“Tribune will emerge 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,” Eddy Hartenstein, Tribune’s chief executive officer, said in a statement.
The company’s reorganization plan was confirmed by the US Bankruptcy Court for the District of Delaware in July, and the Federal Communications Commission granted Tribune the necessary approvals in November.
The company owns 23 television stations and a number of leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, and Orlando Sentinel.
The announcement said that the company will now receive a new $1.1 billion secured loan and a new $300 million revolving credit facility.
Former creditors are to receive approximately 100 million shares of new stock.