Tribune Asks For More Time To File Reorganization
July 29, 2009 at 5:13 AM (PT)
TRIBUNE CO. has asked the Bankruptcy Court for more time to file its reorganization plan. The company has asked for an extension of the time for the company to have exclusive rights to file a plan from AUGUST 4th to NOVEMBER 30th, thus holding off competing plans offered by creditors.
TRIBUNE says that the extension is warranted due to the complexity of its situation and the process of selling the CHICAGO CUBS.
CEO SAM ZELL told CNBC TUESDAY that TRIBUNE could emerge from Chapter 11 "as early as the end of the year."