Bankruptcy judge weighs approval of Tribune reorganization plan documents

Judge considers Tribune plan documents

WILMINGTON, Del. — A bankruptcy judge in Delaware is considering whether to approve documents describing and soliciting support for the Tribune Co.’s reorganization plan.

The judge heard arguments Friday on the disclosure statement outlining Tribune’s proposed Chapter 11 plan.

Attorneys for Wells Fargo, an agent for unsecured bridge lenders who provided $1.6 billion in financing to Tribune in 2007, say the description of how the plan treats those lenders is inconsistent and vague.

Another group of lenders objects to the inclusion in plan documents of a letter from Tribune’s official committee of unsecured creditors urging creditors to support it.

The media company based in Chicago filed for bankruptcy protection in December 2008.