Tribune Co. asks bankruptcy court to extend management's 'exclusivity' on reorganization plan

Signaling that infighting among creditors is bogging down reorganization efforts, Tribune Co. on Friday asked a U.S. Bankruptcy Court in Delaware to give its management team until March 31 to craft a plan to exit Chapter 11 without interference from other parties. If all goes according to plan and the bankruptcy court agrees to extend management's "exclusivity," which was due to expire at the end of this month, Tribune Co. indicated it would emerge from bankruptcy by May 31. But the Chicago-based media company is also trying to avoid a lengthy and costly legal battle with some creditors, who are likely to recoup little of their investment in the company, given the distressed values of its core newspaper and TV assets.