Tribune asks for more time for bankruptcy plan

Bankrupt publisher Tribune Co has asked a court to give it until November 30 to come up with a plan to reorganize. If approved, the request will give Tribune the exclusive right to propose a plan of reorganization. Tribune currently has that exclusive right until August 4, after which creditors may ask the court to accept their plan of reorganization. Tribune said it deserves the extended period because of the complexity of the case. The company said it has made significant progress toward the sale of the Chicago Cubs baseball team, which if sold could impact any plan of reorganization. It also said that it estimates creditors have claims of about $13.7 billion, but the company has received claims for $606 billion in aggregate.