Tribune Co. Gets More Time to File Bankruptcy Re-org Plan

Last week, the Tribune Co won approval from a Delaware bankruptcy judge for more time to file a Chapter 11 reorganization plan.

Judge Kevin Carey agreed to extend a Feb. 28 deadline to March 31 after Tribune withdrew a request for a June extension that had prompted objections from some creditors. In granting the additional time, Judge Carey delayed hearing a request from Tribune's committee of unsecured creditors for permission to pursue claims against banks that financed a 2007 leveraged buyout, led by real estate mogul Sam Zell, that took the company private and left it mired in debt. Judge Carey also postponed consideration of a request by the trustee for holders of $1.2 billion in subordinated notes for the appointment of an independent examiner to investigate the $8.2 billion buyout.