Judge rejects both reorganization plans for Tribune

The federal judge overseeing the Tribune Company bankruptcy case shot down a reorganization plan submitted by the Chicago-based media company, but also rejected a competing plan from a group of creditors. A hearing is scheduled for Nov. 22. The decision was issued Monday by Judge Kevin Carey of U.S. Bankruptcy Court in Delaware. The Chicago-based media company has attempted to exit Chapter 11 bankruptcy status after nearly three years of wrangling. It's one of the longest-running cases since bankruptcy rules were revised about six years ago to give creditors more leeway to shape reorganizations.