Judge finally confirms Tribune Co. bankruptcy plan

The long-awaited order sets the stage for the media giant (and parent company of the LAT) to emerge from Chapter 11 protection later this year. As part of the reorganization, a group of senior creditors led by L.A.-based Oaktree Capital Management is expected to take control later this year. Further appeals are likely, but they're not expected to be successful. From the Chicago Tribune:

Sources say the members of new ownership group -- which include Oaktree, fellow distressed debt investor Angelo, Gordon & Co. and lender JPMorgan Chase -- are still mulling candidates for board seats and the CEO slot and have yet to set a clear game plan for what to do with their new investment. But [Judge Kevin] Carey's confirmation decision eliminates a lot of the uncertainty surrounding the case, which will make it easier for the new owners to organize themselves in preparation for the company's emergence, which should happen later this year.