Tribune Gets Another Extension To File Reorganization Plan
April 1, 2010 at 4:46 AM (PT)
TRIBUNE CO. filed a motion in U.S. Bankruptcy Court WEDNESDAY to extend its exclusive right to propose a reorganization plan until APRIL 30th. The company's exclusivity was set to expire YESTERDAY; the motion needs to be approved by the court but the filing alone gives the company extra time until at least the scheduled APRIL 13th hearing.
The company is presently trying to craft a reorganization plan while junior and senior creditors fight over several outstanding issues, and has previously received four extensions of its exclusivity.