Case Background

On December 8, 2008, the Tribune Company and its various debtor-subsidiaries (collectively, the “Debtors” or “Tribune”) filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).  See Voluntary Petition, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. Dec. 8, 2008), ECF No. 1.  On December 18, 2008, the Office of the United States Trustee for the District of Delaware appointed the Official Committee of Unsecured Creditors of Tribune Co. (the “Committee”).  See Notice of Appointment of Committee of Unsecured Creditors, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. Dec. 18, 2008), ECF No. 101.

On October 27, 2010, the Bankruptcy Court issued an order (the “Standing Order”) granting the Committee standing, on behalf of the Debtors' estates, to commence various adversary proceedings that assert claims relating to the leveraged buyout of Tribune in 2007.  See Order Granting Unsecured Creditors Committee's Standing Motions, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. Oct. 27, 2010), ECF No. 6150.  On November 1, 2010, the Committee commenced one such adversary proceeding (the “FitzSimons Action”) in the Bankruptcy Court captioned The Official Committee of Unsecured Creditors of Tribune Co., et al., v. Dennis J. FitzSimons, et al.  See Complaint, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. Nov. 1, 2010), ECF No. 6202.  On March 15, 2012, the Bankruptcy Court issued an order permitting the Committee to sever certain claims (the “Advisor Claims”) from a related adversary proceeding.  See Order Partially Lifting Stay of Adversary Proceedings and State Law Constructive Fraudulent Conveyance Actions, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. March 15, 2012), ECF No. 11158.  On April 2, 2012, the Committee commenced another adversary proceeding (the “Advisor Action,” and together with the FitzSimons Action, the “Actions”), asserting the Advisor Claims, in the Bankruptcy Court captioned The Official Committee of Unsecured Creditors of Tribune Co. v. Citigroup Global Capital Markets, Inc., et al.  See Complaint, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. April 2, 2012), ECF No. 11303.

On March 20, 2012, the United State Judicial Panel for Multidistrict Litigation (“JPML”) transferred the FitzSimons Action to the United States District Court for the Southern District of New York (the “District Court”) for coordinated and consolidated pretrial proceedings with various related actions.  See Order Lifting Stay of Conditional Transfer Order, In re Tribune Co. Fraudulent Conveyance Litig., MDL No. 2296 (J.P.M.L. Mar. 20, 2012), ECF No. 992.  On August 3, 2012, the JPML also transferred the Advisor Action to the District Court for similarly coordinated and consolidated pretrial proceedings.  See Transfer Order, In re Tribune Co. Fraudulent Conveyance Litig., MDL No. 2296 (J.P.M.L. Aug. 3, 2012), ECF No. 1015.

On July 20, 2012, the Debtors, the Committee, and various co-proponents filed the Fourth Amended Joint Plan of Reorganization for Tribune Company and Its Subsidiaries (the “Plan”) in the Bankruptcy Court.  See Certification of Counsel Regarding (I) Proposed Confirmation Order and (II) Amended Plan and Related Documents, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. July 20, 2012), ECF No. 12072.  The Bankruptcy Court confirmed the Plan on July 23, 2012.  See Order Confirming Fourth Amended Joint Plan of Reorganization, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. July 23, 2012), ECF No. 12074.

The Plan approved the creation of a litigation trust (the “Litigation Trust”) to pursue the claims asserted in the Actions.  The Plan became effective on December 31, 2012.  See Notice of (I) Effective Date of the Fourth Amended Joint Plan of Reorganization and (II) Bar Date for Certain Claims, In re Tribune Co., et al., 08-bk-13141 (Bankr. D. Del. Dec. 31, 2012), ECF No. 12939.  On that date, the Litigation Trust was created, and a litigation trustee (the “Litigation Trustee”) succeeded the Committee as plaintiff in the Actions.

Please be advised that this Website (the “Website”) has been established and is being independently maintained and operated by the Litigation Trustee and its attorneys, and is not sanctioned by Tribune, the Bankruptcy Court, the District Court, or any party to the Actions other than the Litigation Trustee.  Although the Litigation Trustee and its attorneys have taken all reasonable efforts to ensure the accuracy of the information contained on this Website, it does not contain or comprise the official or complete records of the Bankruptcy Court or the District Court. In addition, the Litigation Trustee and its attorneys do not guarantee or warrant the accuracy, completeness, or timeliness of the information provided on this Website, and do not undertake any obligation to update, modify, revise or re-categorize the information provided on this Website. The Litigation Trustee and its attorneys shall not be liable for any loss or injury arising out of or caused in whole or in part the acts, errors or omissions of any person, whether negligent or otherwise, in procuring, compiling, collecting, interpreting, reporting, communicating or delivering the information contained on this Website.

This Website should not be relied upon as a substitute for financial, legal or other professional advice. The Litigation Trustee and its attorneys cannot provide financial, legal or other professional advice to any person relating to the Litigation Trust. Because the financial and legal consequences of holding an interest in the Litigation Trust or related distributions are complex, you should not act or rely on any information contained in or referenced by this Website without seeking the advice of a qualified professional.

For information relating to the Debtors or their bankruptcy proceedings, please click here.

For information relating to other actions — commenced by plaintiffs other than the Litigation Trustee — that assert claims relating to the leveraged buyout of Tribune in 2007, please click here.

* All capitalized terms not otherwise defined on this Website have the meaning ascribed to them in the Plan.


Related Links

Tribune Company

Tribune Bankruptcy Proceedings

Tribune Individual Creditor Litigation

United States District Court for the Southern District of New York

United States Bankruptcy Court for the District of Delaware