TRIBUNE ACCEPTS $8.2 BILLION BUYOUT OFFER FROM CHICAGO BILLIONAIRE SAM ZELL
The Chicago Tribune company corporate headquarters stands in downtown Chicago on April 2, 2007. Monday the Tribune Co. accepted an $8.2 billion buyout offer from real estate investor Sam Zell. The deal, which is not finalized until approved by the shareholders, leaves the Tribune's board the option of accepting a higher bid and also includes selling the Chicago Cubs at the end of the 2007 season. (UPI Photo/Brian Kersey)
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Tribune Co.'s prolonged stay in bankruptcy court is over, said officials of the multimedia company that began as a Chicago newspaper.
A bankruptcy judge in Delaware approved a plan naming Tribune Co.'s new owners that would allow the company to emerge from bankruptcy, the Chicago Tribune said.
Chicago billionaire Kenneth Griffin said he was opposed to the Windy City allowing a casino to operate downtown.
Tribune Co. is seeking an accelerated completion of its bankruptcy case in Delaware, Don Liebentritt, the firm's restructuring officer said.
An investment group in Chicago said it had purchased the Elysian Hotel, which Conde Nast Traveler magazine called the best hotel in the United States.
Hedge funds representing $800 million in Tribune Co. debt said banks improperly went along with the 2007 sale of the company, court papers in New York say.
The Tribune Co., owner of the Chicago Tribune and Los Angeles Times, announced Friday its chief executive officer had quit after weeks of bad press.
The Tribune Co. in Chicago is expected to fire Chief Executive Officer Randy Michaels before it emerges from bankruptcy, a source told The New York Times.
The purchase of Tribune Co. in 2007 went forward partly because participants feared backing out would lead to lawsuits, court papers filed in Chicago said.
A court-appointed examiner said financing set up in 2007 as part of Sam Zell's purchase of the Chicago Tribune was likely illegal in part.
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