Tribune Co., owner of the Chicago Tribune and WGN TV and radio, confirmed late Sunday that it will emerge from bankruptcy on New Year’s Eve, ending a four-year Chapter 11 reorganization precipitated by real estate tycoon Sam Zell’s attempt to use debt to take over the company.
The reorganization will leave the company in the hands of its principal creditors, Oaktree Capital Management LP; Angelo, Gordon & Co., and JP Morgan Chase & Co. In announcing the exit from Chapter 11, the company also listed members of its new board.