It’s been nearly three years since real estate magnate Sam Zell drove Tribune to seek bankruptcy protection — the result of his disastrous $8.2B leveraged buyout transactions in 2007. But the broadcasting, publishing and Internet power says its days in the penalty box may soon be over: The company filed a third amended reorganization plan at U.S. Bankruptcy Court in Delaware yesterday that it says has the support of senior unsecured creditors Oaktree Capital Management; Angelo, Gordon & Co; and JPMorgan Chase Bank. The document, released late last night, says that Tribune will ask the court at a conference on Tuesday to hold a December 13 hearing on the proposal, setting it up to be confirmed in February. The media company has “been in bankruptcy too long,” it said in a court filing. Although Tribune owes creditors about $13B, the new proposal says it “incorporates a protocol for resolution of the few remaining disputes.” These disagreements mostly involve how to split $534M owed to junior credit holders including hedge fund Aurelius Capital Management — and Zell. The new plan would let the junior lenders make that decision, which the court could adjust later if it wants. Tribune’s media holdings include the Los Angeles Times, the Chicago Tribune, and 23 TV stations.
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