UPDATE: Tribune Co. 4-Year Bankruptcy Ends

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The last day of 2012 was also the last day of bankruptcy for the Tribune Co., which emerged from an arduous, costly four-year Chapter 11 reorganization with visions of being a multimedia company likely to shed its newspaper holdings.

According to a report by Reuters News Service, the Chicago-based Tribune Co., which presently owns eight major daily newspapers and 23 television stations, already is drawing interest from buyers for the Chicago Tribune and Los Angeles Times. The media conglomerate, whose principal owners are JP Morgan Chase & Co. and hedge funds Oaktree Capital and Angelo, Gordon & Co., closed on a $1.1 billion senior secured term loan and an asset-based $300 million revolving credit line as part of its emergence from insolvency, Reuters reported.

U.S. Bankruptcy Court for the District of Delaware Judge Kevin J. Carey presided over the marathon bankruptcy case, In re: Tribune Co. et al. (Docket No. 08-13141) (see "TUOL" posts 8/24/12, 7/16/12). The Reuters article said for now that Eddy Hartenstein would continue to serve as Tribune Co. CEO, though reportedly, Peter Ligouri, former COO of Discovery Communications, is likely to assume the Tribune helm.