By local and wire sources
Tribune, creditors arrange bankruptcy settlement
Tribune Co. has reached a settlement with Angelo Gordon & Co. and Oaktree Capital Management, two of the largest senior creditors in its bankruptcy case, that will form the basis of a new plan of reorganization for the company.
The settlement came after a two-day court-appointed mediation in the case. The company said the mediator, U.S. Bankruptcy Judge Kevin Gross, approves of the deal.
Although one participant in the talks said the deal was an “important first step” in reaching a broader agreement in the 22-month-old case, the mediation fell short of its stated goal of forging a “global consensual” agreement that would be easily confirmable by the court.
Conspicuously absent from the pact are several important constituents in the case, including lender JPMorgan Chase, a group of 14 senior creditors representing $750 million in claims, the Official Committee of Unsecured Creditors and junior note-holder Aurelius Capital Management.
Without at least some of those parties on board, it is not clear the new plan would have enough support to be confirmed without significant legal challenge.
Like a plan filed by Oaktree and Angelo Gordon alone last week, the new agreement would allow Tribune Co. to emerge from bankruptcy as a new company owned by its senior lenders, Tribune said in a statement. Tribune owns the Los Angeles Times, the Chicago Tribune and other media properties. It is a parent of McClatchy-Tribune News Service.
The plan would place into a litigation trust all unsettled legal claims related to the company’s disastrous 2007 leveraged buyout.
The junior creditors who have pressed those claims would be the beneficiaries of the trust, and the claims’ recovery would be based on the outcome of the litigation.
Oahu buyers coming to Kona area
Local business owners who make products they wish to sell on Oahu but don’t know where to begin are invited to attend a private show sponsored by the Hawaii Food Manufacturers Association from 10:30 a.m. to 12:30 p.m. Oct. 21 at the Aloha Center in Kailua-Kona.
Oahu buyers will be looking for Hawaii-made food and nonfood items for the holiday season and beyond. Companies attending this private show include Walgreens, Menehune Mac, R. Field Wine Co. (Foodland) and Hilo Hattie’s. Additional retailers may participate as well.
The fee is $25 and participants should bring up to a 6-foot table to display their items. The deadline to register is Oct. 15 and registration should include the business name; company representatives’ names; contact information, including address, phone number and e-mail address; and products produced. Send information, along with a check payable to “HFMA” to Nina Ann Tanabe/HFMA Kona Trade Show, 117 Keawe St., Suite 105, Hilo, HI 96720. For more information, contact Tanabe at 9333-8611 or ntanabe@pfthi.com.
The Aloha Center is behind Matsuyama Market off Queen Kaahumanu Highway.
Course on medical terms set for Oct. 16
A medical terminology course will be taught from 8 a.m. to 4:30 p.m. Oct. 16 at the Sheraton Keauhou Bay Resort and Spa’s Mauna Kea Conference Room. The cost is $89 and includes all course materials.
This course is recommended for individuals who work in a physician’s office, those who plan to enroll in medical or nursing careers, certified nurse’s assistants, medical assistants, medical records clerks, hospital clerks and those who for personal reasons want to learn medical terminology.
Call Ana Silva at 896-0073 for more information.
Kona Krew holding ‘Visitors Day’ Oct. 13
Business Network International, an international networking organization specializing in business referrals among members, is holding a “Visitors Day” for its Kona Krew chapter at 7:45 a.m. Oct. 13 in the private banquet room of Island Naturals on Kaiwi Street in Kailua-Kona. The guest speaker will be Joanne Seery, executive director of the state organization.
Anyone interested in attending the meeting is welcome. Call Charmaine Gaspar for reservations at 557-1406. For more information about the organization, visit bni.com.
Lighthaus Camera completes expansion
Lighthaus Camera and Gallery has completed a major expansion in the Lighthouse Building at 74-5614 Palani Road in Kailua-Kona. The new facility is headquarters for the group of four specialty camera stores located on Hawaii, Maui and Oahu.
The expansion involved remodeling and moving into a larger space on the first floor of the building. Also, an area has been allocated for a gallery area to display and promote photographic images of Hawaii photographers.
The company specializes in sales and service of cameras and photographic equipment. There are also plans to add digital printing facilities to the building in October, making it a full service photographic center providing photographic and giclee artwork printing.
Photographers interested in displaying their photographic work in the new gallery area should contact the store at 326-7355.
By local and wire sources