Tribune Plans To Emerge From Bankruptcy By May 31

On Friday, Tribune Co. filed papers with the bankruptcy court in Delaware asking for an extension of the time that the bankrupt media company has to exclusively file a reorganization plan. Tribune said it hopes to extend this period, which is due to expire at the end of this month, in order to file a reorganization plan by the end of March and emerge from bankruptcy by May 31.

In a memo to staffers, obtained by Romanesko, COO Randy Michaels and Executive Vice President Gerry Spector focused on the positives, thanking staffers for their hard work during the restructuring:

“With your help, we have stabilized and repositioned our businesses, exceeding the financial results of most of our newspaper and broadcasting peers.

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