The biggest media industry bankruptcy ever will end today after four years with Tribune’s chief creditors — Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co — empowered to run the Chicago based broadcasting and newspaper power. The reorganization values the company at about $4.5B. The new management is expected to look for buyers for its assets which include 23 television stations and major metro dailies such as the Los Angeles Times and Chicago Tribune. The company will close on a $1.1B senior secured term loan, which will be used to pay off creditors, and a $300M asset based revolving credit facility to fund its operations. It also will have a new board that consists of CEO Eddy Hartenstein, Oaktree’s Bruce Karsh and Ken Liang, former Disney exec Peter Murphy, former Yahoo and News Corp exec Ross Levinsohn, lawyer Craig Jacobson, and former Fox and Discovery exec Peter Liguori. He’s widely believed to be in line to take the top job at Tribune. Today’s release says that the board will meet “in the next several weeks” and Hartenstein “will remain in his current role until that time.” The plan to emerge from bankruptcy ensures that creditors and vendors “will be receiving payment in full—100% recovery of what they are owed,” Hartenstein says. “These long-term relationships are very important to the company and we are pleased to be successfully resolving these obligations.” Tribune ran into trouble after 2007 when real estate mogul Sam Zell took on debt to finance his $8.2B acquisition. He found himself over his head the following year when the recession hit, and newspaper values plummeted.