Tribune gets more time to file reorganization plan
WILMINGTON, Del. -- A federal judge has granted the Tribune Co.'s request for more time to file a Chapter 11 reorganization plan.
Judge Kevin Carey of U.S. Bankruptcy Court agreed Thursday to give Tribune until March 31 to submit its plan. The company will have until May 31 to solicit support for its proposal.
Tribune, owner of the Chicago Tribune, Los Angeles Times and other newspaper and TV properties, filed for bankruptcy protection in December 2008, with a debt load of $13 billion.
The judge delayed hearing a request from Tribune's committee of unsecured creditors for permission to pursue claims against banks that financed a 2007 leveraged buyout led by real estate mogul Sam Zell that left the company mired in debt.
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