The U.S. Court of Appeals for the Third Circuit has denied the appeal of a hedge fund vying for litigation that could leave it with more money than it is on track to receive in the Tribune Media Co. bankruptcy case.
Aurelius Capital Management, a hedge fund specializing in distressed debt, bought $2 billion of pre-leveraged buyout debt from the Tribune company, former parent company of the Chicago Tribune and the Los Angeles Times. According to Third Circuit Judge Thomas L. Ambro’s opinion, Aurelius appealed a district court decision denying Aurelius’ appeal of Tribune’s Chapter 11 reorganization as equitably moot.
