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Castle Law Office Bankruptcy News for Missouri & Illinois | Castle Law Bankruptcy Current Events

Tribune Co. Gets Extra Time for Bankruptcy Plan


Posted on Mar 03, 2010

On February 18, Tribune Co. was granted an extension on its exclusive right to file a reorganization plan in its Chapter 11 case by a U.S. Bankruptcy Court judge in Delaware. The extension was until March 31.

The extension provides Tribune Co. more time to attempt to reach a compromise between an increasingly belligerent set of senior and junior creditors representing nearly $13 billion in claims against the Chicago-based media conglomerate.

In his decision, Judge Kevin Carey also delayed until April 13 consideration of a motion by the Official Committee of Unsecured Creditors in the case seeking permission to bring a complaint of “fraudulent conveyance” against Tribune Co., which owns the Chicago Tribune and formerly owned the Chicago Cubs. He also pushed off consideration of a separate motion by a group of deeply subordinated bondholders calling for the appointment of an independent examiner to investigate the fraudulent conveyance claims.

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