Tribune Co. Wants More Time for Reorganization Plan

Posted Tuesday, July 28, 2009 12:00 am

By: E&P Staff Facing a deadline next week for a reorganization plan to emerge from bankruptcy, Tribune Co. is asking the court for an additional four months.

In a filing in U.S. Bankruptcy Court in Delaware, first reported Tuesday in the flagship Chicago Tribune by staff reporter Michael Oneal, Tribune said the it needs more time to build a consensus among the many creditors holding its more than $12 billion in debt.

Tribune also said the impending sale of the Chicago Cubs and the baseball team's landmark Wrigley Field could substantially change its reorganization plan.

The reorganization plan is due Aug. 4. Tribune is asking for a deadline extension to Nov. 30.

A Tribune spokesman characterized the extension request as "routine."

Tribune has already received one extension from the court since filing for Chapter 11 reorganization last December.

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Tribune Co. Wants More Time for Reorganization Plan

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