Wilmington Trust becomes Successor Indentured Trustee in Tribune Company Chapter 11 Case

Wilmington Trust Corporation is an iconic Delaware company. Founded in 1903, they are one of the largest personal trust providers in America as well as the leading retail and commercial bank in the State.

Last week, Wilmington Trust announced that they have been named as the successor indentured trustee in the Tribune Company Case. The Tribune Company filed for Chapter 11 protection on December 8, 2008 in the United States Bankruptcy Court for the District of Delaware.

So what does that mean?

According to the news release; for a fee which is defined in the trust agreement, Wilmington Trust will provide trustee and administrative services for creditors who hold Tribune Company’s exchangeable subordinated debentures due in 2009. None of these activities pose any credit or investment risk to Wilmington Trust. In addition, there is no impact to Wilmington Trusts’s balance sheet or bottom line.

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