A two-week hearing begins today to determine the fate of Tribune Company. That's more than two years after an ill-advised $8.2 billion buyout drove one of the oldest U.S. media companies into bankruptcy protection.
The proceedings follow four years of tumult and intrigue. The company has been through a bankruptcy case that has lasted far longer than planned and a CEO departure triggered by complaints about management's raunchiness. There's also a whiff of a financial scandal fanned by a court-appointed examiner's conclusion that parts of the 2007 buyout had bordered on fraud.
The hearing in U.S. Bankruptcy Court in Wilmington, Del., will affect the ownership of the Chicago Tribune, other daily newspapers and 23 television stations. A judge must decide between competing plans that leave the door open for lawsuits later.
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