Tribune Exits Bankruptcy Proceedings Today After Four Years

Tribune Co., owner of the Chicago Tribune, Los Angeles Times and six other daily papers, emerged from bankruptcy, four years after a doomed leveraged buyout by billionaire Sam Zell led to Chapter 11 proceedings.

Distributions to creditors have been initiated, the Chicago-based company said today in a statement. As part of its exit from bankruptcy, Tribune Co. also closed on a new $1.1 billion term loan and a $300 million revolving credit line.