Finance Expert Witness Testifies In Tribune Bankruptcy Case

Courthouse News Service reports that Tribune Co.’s plan to exit bankruptcy may violate FCC rules because some of the creditors backing its plan have holdings in other media companies, an expert witness testified in Bankruptcy Court. Finance expert witness Mark Prak testified on Thursday that Tribune creditors JPMorgan & Chase, Angelo Gordon & Co., and Oaktree Capital Management have significant holdings in media companies that compete in some of the same markets with Tribune.

Those holdings, Prak said, would violate the Federal Communications Commission’s multiple- and cross-ownership rules under Tribune’s reorganization plan.

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