Tribune Co. submits bankruptcy exit plan

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CHICAGO, Oct. 23 (UPI) -- The Tribune Co. said Saturday it had submitted a bankruptcy exit plan to the federal District Court in Delaware that would keep its operations intact.

Tribune Co. owns the Chicago Tribune, the Los Angeles Times, The Baltimore Sun, the South Florida Sun Sentinel and the Hartford Courant in Connecticut. It also operates 23 television stations. It filed for bankruptcy nearly two years ago, about a year after it was purchased by Chicago real estate mogul Sam Zell for $8.2 billion.

The company said in a news wire release that the plan would wipe out the holdings of an employee stock ownership plan, but that the firm would continue with a recently implemented retirement plan and a 401(k) plan that includes matching contributions. If certain goals were met, it would also continue an annual profit-sharing plan with employees.

The plan must meet with approval by major creditors and the court. Two previous agreements made with the Tribune's Unsecured Creditor Committee, Oaktree Capital Management, Angelo, Gordon & Co., and JPMorgan Chase Bank were incorporated into the new plan, the Tribune said.