Tribune Co. Gets Extension to File Ch. 11 Re-org Plan

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A Delaware bankruptcy judge has granted the Tribune Co. more time to submit a Chapter 11 reorganization plan.

The judge on Tuesday agreed to extend to Feb. 28 the period in which Tribune has exclusive rights to file a plan.

Tribune maintains that it has many of the elements of a reorganization plan in place but needs more time to review issues surrounding the leveraged buyout that took the company private in 2007. The buyout, which saddled Tribune with massive debt, is being reviewed by Tribune, its creditors committee and other parties.

Credit agreement lenders who hold more than $4 billion in Tribune debt objected to the extension and asked for permission to submit their own reorganization plan focused on Tribune subsidiaries.

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