It's uncertain whether junior creditor ACM has the will or the way to rustle up the bond money to continue its appeal of the reorganization plan that gives senior creditors ownership of the Tribune Co. The conglomerate, which filed for bankruptcy in December 2008 (In re Tribune Co., Case No. 08-bk-13141), has rung up more than $400 million in attorneys' fees wending its way through insolvency.
If the ACM appeal fizzles and the stay is lifted, the Tribune Co. must still garner FCC approval of its transfer of its television and radio properties, which include WGN-TV, to the new owners. According to the Tribune article, the conglomerate also must secure $1.1 billion in debt financing and a credit line.
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