Report: Tribune to emerge from bankruptcy Dec. 31

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Posted: Sunday, December 30, 2012 8:40 pm | Updated: 10:45 am, Mon Dec 31, 2012.

Tribune Co is expected to emerge from bankruptcy protection Dec. 31, ending its four-year legal and financial odyssey.

Reuters, citing people close to the company's plans, said the company will name Peter Liguori as its CEO.

Reuters said Tribune's new owners, led by Oaktree Capital Management, JPMorgan Chase & Co and Angelo, Gordon & Co., will likely focus on the company's broadcasting assets, putting Tribune's eight daily newspapers on the selling block.

Aaron Kushner, owner of the Orange County (Calif.) Register and Doug Manchester, who owns U-T San Diego, have expressed interest in some of Tribune's papers; Warren Buffett, meantime, told The Morning Call in Allentown, Pa., that he might be interested in purchasing that Tribune-owned daily and adding it to his growing stable of newspapers.

In the past year or so, Tribune has upgraded print and postpress operations at many of its properties as it has aggressively sought to capture additional printing and distribution business from other publishers.

Tribune filed for bankruptcy in December 2008, one year after financier Sam Zell took control of the company in a leveraged buyout.

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