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To embed, copy and paste the code into your website or blog: In the latest chapter of more than a decade of contentious litigation surrounding the 2007 leveraged buyout ( LBO ) and ensuing bankruptcy of media conglomerate Tribune Co. ( Tribune ), the U.S. Court of Appeals for the Third Circuit affirmed lower court rulings that Tribune s 2012 chapter 11 plan did not unfairly discriminate against senior noteholders who contended that their distributions were reduced because the plan improperly failed to strictly enforce pre-bankruptcy subordination agreements. In In re Tribune Co., 972 F.3d 228 (3d Cir. 2020), the Third Circuit held that, according to a plain reading of the relevant provisions of the Bankruptcy Code, a nonconsensual chapter 11 plan that does not strictly enforce a subordination agreement does not necessarily discriminate unfairly against a class of creditors that would otherwise benefit from subordination. In this case, the Third Circuit agreed with the lower courts

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