Nov 16 Tribune Co, the owner of the Chicago
Tribune, Los Angeles Times and 23 television stations, said on
Friday it received a key regulatory approval needed to end its
nearly four-year stay in bankruptcy.
Tribune said it received approval from the Federal
Communications Commission to transfer its broadcast licenses to
the new owners who will take over the company when it emerges
Tribune filed for bankruptcy in 2008, a year after real
estate mogul Sam Zell gained control through a leveraged buyout.
The company plans to transfer ownership to its main
creditors -- Oaktree Capital Management, JPMorgan
Chase & Co and Angelo, Gordon & Co.