Tribune revises recovery plan
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Tribune Co. late Friday filed a revised plan to emerge from Chapter 11 bankruptcy proceedings that would keep the firm intact and slash its debt.
Under the proposal, Tribune’s creditors would share ownership of the Chicago-based company, which owns the Los Angeles Times, the Chicago Tribune, KTLA-TV Channel 5 and other media properties, the company said in a news release.
In the filing, the company said it expected its operating cash flow to rise this year to $617 million, up $123 million from 2009.
The new reorganization plan has the support of creditors that are owed about $5 billion, the company said.
Tribune entered Chapter 11 in December 2008, a year after going private in a buyout that left the company with $13 billion in debt.
Randy Michaels resigned as its chief executive earlier in the day amid complaints about his behavior. He was replaced by a four-member executive council.
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