Tribune Company bankruptcy likely to last into summer

Tribune Company likely will not emerge from bankruptcy protection until at least this summer. Tribune, which has been under Chapter 11 protection for three years, had hoped to end the case in 2011.

But in October, U.S. Bankruptcy Judge Kevin Carey rejected the company's plan to reorganize its finances, along with a rival plan from dissident creditors. Tribune has since submitted a revised plan. Approval of the plan is the key step in ending the case. Carey said Thursday that a confirmation hearing on that likely won't take place until May. It could take weeks or months longer to get a ruling. (Dec 30)