Tribune lender group withdraws reorganization plan | Reuters

Tribune lender group withdraws reorganization plan Reuters: "group of lenders to bankrupt Tribune Co withdrew its reorganization plan for the media company, leaving creditors with three other options when they begin voting on how to end the two-year-old Chapter 11 case.
Pursuing the plan 'was not the best focus of our resources,' said Evan Flaschen, an attorney representing the group, made up of 14 hedge funds, including GreyWolf Capital Management and billionaire George Soros' Soros Fund Management.
Flaschen, of the law firm Bracewell & Giuliani, told a hearing in Delaware's bankruptcy court on Wednesday that the decision to withdraw the plan Tuesday night was unilateral.
'Was there a secret deal? There was none,' he said.
Tribune, which owns the Los Angeles Times, Chicago Tribune and Baltimore Sun newspapers as well as about 20 broadcasters, filed for bankruptcy in 2008.
The company entered into court protection less than a year after real estate developer Sam Zell completed his two-step buyout of Tribune with $8 billion of debt."