Tribune company reports February net income of $5.5 million

The Tribune Co. filed an operating report for February showing net income of $5.5 million on total revenue of $227.5 million.

The operating profit in the month was $22.2 million. Reorganization costs totaled $11.2 million.

Cash declined $26 million during the month, according to the cash flow report. The ending cash balance was $1.776 billion. A footnote to the cash flow report explained why the balance differed from the $1.063 billion cash shown on the Feb. 27 balance sheet.

The trial for confirmation of one of the two reorganization plans is in adjournment until April 11. The bankruptcy judge heard two weeks of testimony this month.

Aurelius Capital Management LP is a proponent of the plan competing with the reorganization proposed by Tribune. Aurelius is the largest holder of debt predating the 2007 leveraged buyout. The Aurelius plan would allow lawsuits to continue after plan confirmation to recover damages from alleged fraudulent transfers that occurred along with the LBO.

The company's plan is co-sponsored by the official creditors' committee and senior lenders Oaktree Capital Management LP, Angelo Gordon & Co. LP, and JPMorgan Chase & Co. The Tribune plan would largely impose settlements with regard to claims arising from the LBO.

Tribune is the second-largest newspaper publisher in the U.S. It listed $13 billion in debt for borrowed money and assets of $7.6 billion in the Chapter 11 reorganization begun in December 2008. It owns the Chicago Tribune, Los Angeles Times, six other newspapers and 23 television stations.