Bankruptcy judge OKs Tribune's short-term financing plan

Tribune Co. passed an early hurdle in its Chapter 11 bankruptcy case Thursday when a U.S. bankruptcy judge signed a motion authorizing the continuation of a short-term financing arrangement worth $300 million. Judge Kevin Carey also granted the company more time to file schedules of its assets and liabilities and other financial statements. The financing arrangement, supplied by Barclays Bank and secured by Tribune receivables, will last until April. At that point, Tribune will have to renegotiate with Barclays or seek financing elsewhere. The Chicago-based media company's creditors agreed to the extension of the financing, in place before the bankruptcy, but several wanted to reserve the right to revisit that approval in April.