Newspaper publisher Tribune Co. announced Thursday that it has reached an agreement that will clear the way for the company to file a bankruptcy reorganization plan.

Tribuen Co. publishes the Lost Angeles Times, Chicago Tribune, Baltimore Sun and other newspapers. Tribune Co. has been in Chapter 11 protection since December 2008. Tribune creditors that stand to take losses in the case have filed complaints saying the company and lenders knew the $8.3 billion leveraged buyout would pitch the company into insolvency by piling on too much debt.

Tribune announced Thursday that is has come to an accord with one such lender, Centerbridge Partners. Centerbridge holds 37 percent of Tribune’s outstanding bond debt, and would get a 7.4 percent stake in the company, paid in a combination of cash, stock and debt if the court approves Tribune’s plan. The company announced that two other creditors, J.P. Morgan and Angelo, Gordon & Co., stand to take over a 91 percent stake in the company under the plan, and have agreed to the settlement.

If you need legal counsel in regards to personal finances or are seeking advice when it comes to filing for Chapter 13 or Chapter 7 bankruptcy, contact the New Orleans bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.