Tribune Gets More Time for Bankruptcy Plan

By Andrew Gauthier 


The judge presiding over Tribune Co.‘s bankruptcy case has extended the deadline for the company to put its bankruptcy reorganization plan up for a vote by creditors and shareholders. That gives the company more time to negotiate with aggrieved bondholders, who recently got more ammunition in the form of critical findings from an independent examiner appointed by the court.

The judge granted the open-ended extension (canceling the vote scheduled for this Friday, without setting a new date) in response to a request from Tribune, which hopes to eventually obtain the support of the dissenting bondholders for its reorganization plan. More…