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Tribune – owner of Los Angeles Times – leaves bankruptcy after 4 years

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The Los Angeles Times building in downtown Los Angeles.

Tribune Company says it has emerged from a Chapter 11 restructuring more than four years after the media company sought bankruptcy protection.

The reorganized company is starting with a new board of directors and new ownership including senior creditors Oaktree Capital Management, Angelo, Gordon and Co., and JPMorgan Chase and Co.

The company also said Monday that it closed on a new, $1.1 billion senior secured term loan and a $300 million revolving credit line.

Tribune was founded in 1847. It publishes several newspapers, including the Los Angeles Times and the Chicago Tribune. It also owns television stations, including KTLA in Los Angeles, WGN in Chicago and 22 others.

It sought bankruptcy protection in 2008, less than a year after billionaire developer Sam Zell led an $8 billion leveraged buyout that left the company with $13 billion in debt.

It is unclear what the future holds for the company; if the company will be sold as a whole or if it will sell each property individually, including the LA Times and KTLA.

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