A group of Tribune’s lenders has withdrawn its plan for revamping the newspaper owner, Reuters reports. The group, known as the Bridge Lenders, has agreed to support Tribune’s proposal.
The proposal is based on a settlement among lenders, JP Morgan Chase and Oak Tree Capital Management and Angelo, Gordon & Company. The Bridge Lenders agreed to accept $64.5 million in cash along with attorney fees and their share of distributions from trusts that will pursue legal claims.
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