Judge will approve Tribune ownership shift

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CHICAGO, July 14 (UPI) -- A bankruptcy judge in Chicago said he would approve the acquisition of Tribune Co. by a group of banks and hedge funds.

Judge Kevin Carey said in a memorandum released Friday he would approve the controversial reorganization plan in the near future following some adjustments that will reflect recent court rulings.

Sources told the Chicago Tribune the changes ordered by Carey would be completed quickly.

The newspaper, which is part of Tribune Co., said Carey's blessing comes over various objections from some creditors and will turn the 165-year-old company over to ownership outside Chicago for the first time. The company, which also owns the Los Angeles Times and six other papers, will be turned over to a financial group that includes JPMorgan and is led by Oaktree Capital Management.

Tribune Co's Chapter 11 bankruptcy began in 2008 as the U.S. economy swooned and debt was mounting amid a move to take the company private.