Tribune: Bankruptcy exit 'possible' by October

Tribune Company is aiming to exit bankruptcy protection by the third quarter, following a court hearing Jan 11 that reaffirmed a May hearing date on the company's revamped reorganization plan.

“While it is tough to predict an exact timetable for Tribune's emergence from Chapter 11, it is certainly possible that we could emerge late in the third quarter of this year,” Tribune Chief Restructuring Officer Don Liebentritt said in a memo to employees. The company would seek necessary Federal Communications Commission approval “as quickly as possible” after confirmation of the plan, he said in the memo.