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Judge Asks Parties Involved in Tribune Bankruptcy to Stop Conflicts

In an attempt to speed up the process, U.S. Bankruptcy Judge Kevin Carey has asked all of the parties involved in the Tribune Co. case to stop their fighting.

However, the judge went on to say that he anticipates making a decision regarding the Tribune's Chapter 11 bankruptcy case this month. Since the company's leveraged buyout in 2007, Tribune Co. has been fighting its claimants for nearly 2 1/2 years. Judge Carey has been with the company throughout the process, and has asked company reps to work out their differences with claimants individually, even enlisting the help of a mediator.

Yet nearly three years later, Tribune Co has been unable to create just one repayment plan that would satisfy most of its major creditors. At this time, there has been one settlement devised between Tribune and some of its creditors, but it omits Aurelius Capital Management, the biggest junior creditor, that has been fighting the settlement ever since. Seeing the difficulty that Tribune is experiencing in satisfying all of its creditors, Judge Carey has acknowledged that "sometimes you need a decision from a judge" and has resolved to make that happen, although without naming a specific timeline.

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