Judge approves disclosure statement, voting procedures for Tribune reorganization plan

Tribune cleared to seek support for reorganization

DOVER, Del. — A Delaware bankruptcy judge has approved the Tribune Co.’s proposal to begin soliciting support from creditors for its Chapter 11 reorganization plan.

The judge signed orders Monday approving the disclosure statement describing Tribune’s plan and procedures for soliciting and counting votes, which are due by July 30.

The judge also scheduled a hearing on whether to confirm the plan to begin August 16.

Tribune, which owns the Los Angeles Times, Chicago Tribune, The (Baltimore) Sun and other dailies, along with 23 TV stations, filed for bankruptcy protection in 2008. Under its proposed reorganization plan, major lenders, including JPMorgan, would hold a 91 percent stake in the company, and a group owning unsecured senior bond debt would get a 7.4 percent stake.