Tribune requests more time for reorganization plan
Tribune Co., owner of The Sun, wants four more months to submit a reorganization plan to the bankruptcy court. No huge surprise -- debtors in bankruptcy proceedings do this all the time, if for no other reason than that management, which is often likely to be replaced after the reorganization, wants to hang on to the reins as long as possible. The Chicago Tribune reports:
Tribune has so far managed to work worked closely with its creditors toward a plan to reduce the nearly $13 billion in debt that crippled the company when the economy soured last year. Citing the complex nature of the case, Tribune said in a filing it needs more time to build consensus around a plan. It also said the outcome of the pending sale of the Chicago Cubs could have a "material impact" on the plan.
"We are making significant progress in our discussions with our various creditor constituencies," said a Tribune Co. spokesman. " Our filing today is a routine request for more time."