Tribune Case in Chicago Shows Few Secrets Can be Kept in Small Business Bankruptcy in Indiana
Any debt consolidation lawyer who’s been offering bankruptcy services in Indiana for as long as I have knows the importance of absolute truth in bankruptcy. In fact, the entire system of bankruptcy laws in Indiana is based on fairness towards both debtors and creditors, and that fairness depends on everyone – both sides and the court – having complete and accurate information about the situation.
Well, as one of the Columbus bankruptcy lawyers who works in the Zuckerberg bankruptcy law offices in that town pointed out, it appears that’s not exactly the way things came down with the Tribune Company bankruptcy. The bankruptcy filing itself is no new news – in fact I wrote about it in one of the Bankruptcy in Indiana articles back in 2008, when the Tribune Company, which owns the Chicago Tribune, the Los Angeles Times, and various TV and radio stations, first filed for bankruptcy protection.
As my readers are by now aware, neither I nor any of the good bankruptcy attorneys in Indiana who are my colleagues deals with mega-corporations with holdings in many states. We do handle small business bankruptcy in Indiana along with individual bankruptcy in Indiana. The principle of truth in bankruptcy holds true, though, no matter what the size of the individual or a debtor corporation.
Remember, now, the Tribune bankruptcy case has been in progress for more than two years. The company has continued to operate, with the idea being that the creditors will work with the company towards a plan that will be fair to all parties. Now, the Wall Street Journal is reporting that the Tribune is resisting the release of important information about money paid to J.P Morgan, one of their creditors, out of view of the bankruptcy court.
Meanwhile, two competing restructuring plans are being debated by the creditors’ committee, and both will be presented to the bankruptcy court. In a Chapter 11 bankruptcy such as this one, the whole idea is a “workout” – help this company work its way out of bankruptcy and get back to doing business!
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