Tribune Co. creditor loses appeal to halt reorganization Tribune Tower at dusk Monday, Dec. 14, 2009. (Brian Cassella/Chicago Tribune) (August 10, 2012) By Robert Channick Tribune staff reporter September 10, 2012, 12:58 p.m. An emergency appeal by Aurelius Capital Management to stay Tribune Co.'s exit from bankruptcy -- without posting a required $1.5 billion bond -- was dismissed Monday by the 3rd U.S. Circuit Court of Appeals. That decision seemingly exhausts options for Aurelius to keep Tribune Co. from moving forward under the reorganization plan confirmed in July by U.S. Bankruptcy Judge Kevin Carey to hand ownership to its senior creditors. Carey had agreed to stay the order during an appeal by Aurelius and other junior creditors, but only if they posted the bond by Aug. 29, a deadline which was not met. A similar emergency motion by Aurelius was denied last month by a U.S. District Court in Delaware. A second motion by two indenture trustees for the junior bonds seeking to modify the $1.5 billion requirement remains before the District Court. An Aurelius spokeswoman and a Tribune Co. spokesman both declined to comment on Monday's ruling. Before emerging from bankruptcy, Tribune Co. must win approval from the Federal Communications Commission to transfer its television and radio broadcast licenses to the new owners, a group controlled by senior creditors Oaktree Capital Management, Angelo, Gordon & Co. and JP Morgan Chase.