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Tribune Company Emerges From Chapter 11
Emerges with Portfolio of Profitable Assets, Strong Liquidity and New Board of Directors

CHICAGO, Dec. 31, 2012 /PRNewswire/ -- Tribune Company announced today that it has successfully emerged from its Chapter 11 restructuring process.   The company's plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware in July, and the Federal Communications Commission granted Tribune the necessary transfer applications and waivers in November.  Tribune's plan of reorganization officially became effective today, Dec. 31, 2012, and distributions to creditors have been initiated.   

"Tribune emerges from the bankruptcy process as a multi-media company with a great mix of profitable assets, strong brands in major markets and a much-improved capital structure," said Eddy Hartenstein, Tribune's chief executive officer.  "The company's greatest asset, however, is its employees who, individually and collectively, have remained focused on serving our viewers, readers, advertisers and communities with a single-minded sense of purpose and dedication.  I want to thank all our employees for their talent and effort throughout this four-year process."

In connection with emergence, Tribune closed on a new $1.1 billion senior secured term loan and a new $300 million asset based revolving credit facility. The term loan will be used to fund certain required payments under the plan of reorganization, and the revolving credit facility will be used to fund ongoing operations.

In addition, Tribune's pre-petition credit facilities and outstanding notes and debentures were cancelled and extinguished, and its pre-petition common stock was cancelled.  Upon completion of all distributions under the plan of reorganization, Tribune will have issued to former creditors a mix of approximately 100 million shares of new class A common stock and new class B common stock and new warrants to purchase shares of new class A or class B common stock.  Former creditors entitled to receive a distribution of Tribune's new common stock or new warrants are encouraged to review the information and documents which will be posted to Tribune's website at www.tribune.com relating to such securities, including Tribune's Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, the warrant agreement setting forth the terms of the new warrants and other information, including FAQs with respect to distributions under the plan of reorganization.

"In accordance with our restructuring plan, Tribune's subsidiary creditors and vendors are receiving payment in full—100% recovery of what they are owed," said Hartenstein.  "These long-term relationships are very important to the company and we are pleased to have successfully resolved these obligations."   

The company also announced its new Board of Directors, effective immediately:  Bruce Karsh, Ken Liang, Peter Murphy, Ross Levinsohn, Craig A. Jacobson, Peter Liguori, and Eddy Hartenstein.

Tribune's new Board of Directors will convene its first meeting in the next several weeks, at which time it will define the roles of its members, its committee structure, and designate and ratify the company's executive officers.  Chief executive officer Eddy Hartenstein will remain in his current role until that time.

TRIBUNE is one of the country's leading multimedia companies, operating businesses in broadcasting, publishing, and interactive. The company's broadcasting group owns or operates 23 television stations, WGN America on national cable, the national multicast network Antenna TV and Chicago's WGN-AM.  In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.

Cautionary Statement Regarding Forward-Looking Statements

SOURCE Tribune Company

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