Saturday, August 15, 2009

Court extends Tribune Co. control of Chapter 11 case

A bankruptcy judge said Tribune Co. can keep control of its Chapter 11 case for three-and-a-half more months as it looks to sell off some assets, including the Chicago Cubs, in its bid to exit bankruptcy protection.

Judge Kevin J. Carey of the U.S. Bankruptcy Court in Wilmington, Del., on Monday gave the publisher of the Chicago Tribune an extension to Nov. 30 to file its reorganization plan to emerge from bankruptcy and to repay creditors. He also set a March 15, 2010, deadline for the media giant to win creditor support for a plan.


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