Examiner probing 2007 Tribune buyout asks bankruptcy judge more time to complete report
By Randall Chase, APWednesday, June 23, 2010
Tribune examiner asks for more time
DOVER, Del. — The independent examiner in the Tribune Co. bankruptcy case is asking for more time to complete his report on the media company’s 2007 leveraged buyout.
Kenneth Klee’s report was due July 12, but he says witness interviews are taking more time and money than expected.
Klee asked Wednesday that he be given until July 27 to submit his report and said Tribune is willing to delay a hearing on its reorganization plan to accommodate him.
Klee is reviewing the buyout led by real estate mogul Sam Zell and potential claims arising from it that might be brought on behalf of the bankruptcy estate. Bondholders have sued JPMorgan Chase and other banks that financed the buyout, saying they knew the resulting debt load would leave Tribune insolvent.
