Creditors appeal Tribune bankruptcy plan approval
DOVER, Del. (AP) -- Unhappy creditors are appealing a judge's approval of Tribune Co.'s bankruptcy reorganization plan.
Creditors who filed separate appeals late Monday include Aurelius Capital Management, a hedge fund that has spearheaded opposition to Tribune's plan.
The creditors are asking that an order signed Monday approving Tribune's plan be put on hold pending their appeals.
Among the issues being appealed is whether a Delaware bankruptcy judge erred in approving a settlement of legal claims against banks that financed a 2007 buyout that left Tribune saddled with $13 billion in debt.
That settlement is at the core of Tribune's reorganization plan, which leaves the media conglomerate in the hands of new owners led by hedge fund Oaktree Capital Management, JPMorgan Chase and Angelo, Gordon & Co., a firm that invests in troubled companies.