Bankruptcy judge to Tribune creditors: Quit your bickering

Tribune Co.'s judge threatened to take over the drafting of reorganization documents for the bankrupt publisher unless four groups of creditors stop bickering about how the materials are worded.

U.S. Bankruptcy Judge Kevin J. Carey in Wilmington, Delaware, told warring groups of banks, hedge funds and other investors today that he may rewrite their disclosure statements for the company's four competing reorganization plans.

“I will do it myself if we can't get to a place where I'm satisfied,” Carey said at the start of a hearing scheduled to last all day.

The judge must approve the statements before Tribune creditors who have not yet picked a plan begin voting on the proposals. Carey will consider the votes when he holds a hearing in March to approve one of the plans.

The statements describe how each of the groups would reorganize and split ownership of the Chicago-based newspaper and television company. The documents are designed to sway the undecided creditors' votes.

The case is In re Tribune Co., 08-bk-13141, U.S. Bankruptcy Court, District of Delaware (Wilmington).