Chicago Tribune emerges from bankruptcy - FOX 35 News Orlando

Chicago Tribune emerges from bankruptcy

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CHICAGO (FOX 32 News) -

The Tribune Company is ending 2012 on a bright note. It has emerged from a Chapter 11 restructuring more than four years after the media company sought bankruptcy protection.

The reorganized company is starting with a new board of directors and new ownership including senior creditors Oaktree Capital Management, Angelo, Gordon and Co., and JPMorgan Chase and Co.

The company also said Monday that it closed on a new, $1.1 billion senior secured term loan and a $300 million revolving credit line.

In a statement released late Sunday night, the company said it was "well-positioned" for success in the New Year. The Tribune's new board of directors will meet in the next couple of weeks to map out the company's future.

It sought bankruptcy protection in 2008, less than a year after billionaire developer

The Tribune Company owns eight newspapers, including the Chicago Tribune, and 23 television stations including WGN-TV. Tribune was founded in 1847.

The Associated Press contributed to this report.

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