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Investment Bank Approved for Tribune Co.'s Reorganization Plan

A proposed legal settlement has been given a green light by the investment bank that is behind the Tribune Co.'s Chapter 11 reorganization plan. This settlement will allow the conglomerate to emerge from bankruptcy protection sooner than expected.

There is still a two-week trial ahead, however, in which the fate of the company's reorganization plan will be determined. A U.S. Bankruptcy judge must still decide whether or not to approve the company's reorganization plan or a plan submitted by dissident bondholders. The judge could also choose to approve neither of the proposed plans.

Tribune Co. owns the Los Angeles Times, the Chicago Tribune, along with other newspapers, radio and TV stations. The company chose to file for Chapter 13 bankruptcy protection back in 2008 after Sam Zell, a billionaire developer, leveraged a buyout for $8.2 billion. However, this left the company saddled with an additional $12 billion in debts.

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