A US court appointed a mediator Wednesday to help with negotiations among creditors of the bankrupt Tribune Co., owner of the Los Angeles Times, Chicago Tribune and other newspapers.
"We're pleased that the court has appointed a mediator -- this is a clear sign that reaching consensus is a valuable part of this process," Tribune chief executive Randy Michaels said in a statement.
US federal judge Kevin Gross was appointed as mediator by the US Bankruptcy Court for the District of Delaware.
"We welcome Judge Gross' participation in the process and we look forward to his wisdom and guidance as we move forward," Michaels said.
The Tribune's board of directors meanwhile named a special committee of four independent directors to oversee the company's contentious bankruptcy process.
Besides the Los Angeles Times and Chicago Tribune, the Tribune Co. owns The Baltimore Sun, Orlando Sentinel, Hartford Courant and other dailies.
It also operates 23 television stations.
The Tribune Co. filed for bankruptcy protection in December 2008.
Chicago real estate titan Sam Zell led an eight-billion-dollar leveraged buyout of the Tribune Co. in 2007.
The Tribune Co. sold the Chicago Cubs baseball franchise and its iconic stadium, Wrigley Field, last year.
Copyright 2010  AFP Global Edition
