CHICAGO, Jan. 15 /PRNewswire/ -- Tribune Company announced today that the United States Bankruptcy Court for the District of Delaware has approved several motions related to business operations and procedural matters.
In addition to other favorable rulings related to business operations, the company is now able to:
-- Enter into a joint agreement with Dow Jones & Co. under which the
Chicago Tribune Company will print the daily and weekend editions of
The Wall Street Journal and Barron's in the Midwest region,
-- Make certain pre-petition contributions to 16 union pensions,
-- Pay vendors who delivered goods within 20 days prior to the company's
Dec. 8, 2008, Chapter 11 filing,
-- Pay certain commissions earned prior to Dec. 8, 2008.
The court also approved several procedural motions, including final approval of the extension of a pre-existing $300 million securitization facility.
A complete list of the rulings today will be posted at
http://chapter11.epiqsystems.com/tribune.
On December 8, 2008, Tribune Company, et al., (collectively, the “Debtors”) filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code.
The Debtors’ cases have been assigned to Judge Kevin J. Carey. The Debtors have filed a motion seeking to jointly administer these cases, and if approved, all pleadings filed in these cases will be reflected on case docket 08-13141 (“Main Case Docket”).
The Main Case Docket can be accessed through the website maintained by the United States Bankruptcy Court for the District of Delaware http://www.deb.uscourts.gov.
The deadline for the filing of proofs of claims against the Debtors in this case has yet to be established by the Bankruptcy Court. However, should you choose to file a proof of claim form at this time, completed forms can be sent to the following addresses:
If by first-class mail:
Tribune Company Claims Processing Center
c/o Epiq Bankruptcy Solutions, LLC
FDR Station, P.O. Box 5069
New York, NY 10150-5069
If by Hand Delivery or Overnight mail:
Tribune Company Claims Processing Center
c/o Epiq Bankruptcy Solutions, LLC
757 Third Avenue, 3rd Floor
New York, NY 10017
OFFICIAL COMMITTEE OF UNSECURED CREDITORS
JPMorgan Chase Bank, N.A.
In its capacity as lender
Attn: Miriam Kulnis
277 Park Avenue, 8th Floor
New York, NY 10172
Phone: (212) 622-4526
Fax: (212) 622-4556
Merrill Lynch Capital Corporation
In its capacity as lender
Attn: Michael O’Brien
4 World Financial Center
250 Vesey Street
New York, NY 10080
Phone: (212) 449-0948
Fax: (212) 738-1186
Deutsche Bank Trust Company Americas
As Indenture Trustee
Attn: Stanley Burg
60 Wall Street
New York, NY 10005
Phone: (212) 250-5280
Fax: (212) 797-8610
Warner Bros. Television
Attn Wayne M. Smith
4000 Warner Boulevard
Building 156
Room 5158
Burbank, CA 91522
Phone: (818) 954-6007
Fax: (818) 954-5434
Vertis, Inc.
Attn: John V. Howard Jr., Esquire
250 West Pratt Street
Baltimore, MD 21201
Phone: (303) 305-2025
Fax: (410) 454-8460
William Niese
Pension Benefit Guaranty Corporation
Attn: Craig Yamaoka
1200 K Street, NW
Washington, D.C. 20005
Phone: (202) 326-4000 x 3614
Fax: (202) 842-2643
Washington-Baltimore Newspaper Guild
Local 32035
Attn: Robert E. Paul and/or William Salganik
1100 15th Street, N.W., Suite 350
Washington, D.C. 20005
Phone: (202) 785-3650
Fax: (202) 785-3659
Debtors’ Counsel
Sidley Austin LLP
One South Dearborn
Chicago, IL 60603
http://www.sidley.com
Attn: Kenneth P. Kansa Esq.
Debtors’ Delaware Counsel
Cole, Schotz, Meisel, Forman & Leonard, PA
1000N. West Street, Suite 1200
Wilmington, DE 19801
http://www.coleschotz.com
Attn: Norman L. Pernick, Esq.
J. Kate Stickles, Esq.
U.S. TRUSTEE
The Office of the United States Trustee
J. Caleb Boggs Federal Building
844 King Street, Suite 2207 - Lockbox # 35
Wilmington, DE 19899-0035
Phone: 302-573-6491
Debtor’s Website: http://www.tribune.com
Former Employees
• What about my 401(k)?
Your retirement cash balance account (if applicable) and 401(k) account are unaffected by the Chapter 11 filing.
• What happens to our pension and cash balance accounts?
In general, the existing benefits in the pension and cash balance plans are unaffected by the filing.
All pension benefits provided by the traditional qualified pension plans of Tribune Company and its subsidiaries, which provide benefits to virtually all current non-union employees and many former employees, are protected in the bankruptcy proceedings.
If you have further questions on retirement plans, please call the Benefits Service Center at 800-872-2222.
• I was laid off this year, but I’m still covered under Tribune health benefits. Will that coverage continue?
For employees who were laid off in 2008 and are over age 55, we received the court’s permission to continue health coverage according to the terms in place.
For those under age 55, we received the court’s permission to continue health coverage for three months. At the end of three months, that coverage would terminate unless they can certify that they are retired.
• How are severance payments affected?
All ongoing severance payments, deferred compensation and other payments to former employees have been discontinued and will be the subject of later proceedings before the Court. In addition, outplacement services were discontinued as of the petition date. Please contact the Tribune Benefits Service Center at 800/872-2222 for details on your specific situation.
• Why can’t you tell us more? Why are there so many unknowns?
This is the first step in the restructuring process. We will be working with many parties to resolve the outstanding questions. We’ll update you whenever we can, but keep in mind that this is a process, and we may not have definitive answers for some time.
• Where can I get more information
- Tribune.com
- http://chapter11.epiqsystems.com/tribune
- 888-287-7568
Freelancers and Stringers
On Dec. 8, 2008, Tribune Company and related entities filed to restructure its debt under protection under Chapter 11 of the U.S. Bankruptcy Code. At that time, we were
prevented from paying freelancers and stringers for outstanding work done prior to that date. We value our relationship with you and believe it is important to pay you for the work you performed.
After a careful review of the outstanding invoices submitted by the freelancers/stringers at Tribune’s business units, the company has determined that it will be possible to begin paying these individuals for work done prior to Dec. 8, 2008.
These payments are subject to a statutory limit of $10,950 per individual. The vast
majority of our freelancers/stringers fall below that cap. It will take a little time to process these payments; we hope to have everyone paid by mid-January, if not sooner. Thanks for your continued patience.
As you know, paying freelancers and stringers for work done on or after Dec. 8 was not affected by our filing. Freelancers and stringers will be paid for work performed after on or Dec. 8 in the normal course of business.
Retirees
• What about retiree benefits? How are they impacted?
We received the court’s permission to continue retiree medical benefits,
including the announced changes for 2009, for all participants.
• What happens to our pension and cash balance accounts?
In general, the existing benefits in the pension and cash balance plans are
unaffected by the filing.
All pension benefits provided by the traditional qualified pension plans of
Tribune Company and its subsidiaries, which provide benefits to virtually
all current non-union employees and many former employees, are
protected in the bankruptcy proceedings.
If you have further questions on retirement plans, please call the Benefits
Service Center at 800-872-2222.
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