Tribune Co. seeks extension of reorganization plan

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: Tribune Co. seeks extension of reorganization plan : Bankrupt company cites complex nature of case, Cubs sale in its 'routine' request : By Michael Oneal | Tribune staff reporter : 5:38 PM CDT, July 27, 2009 : Chicago-based Tribune Co. has asked the court in its Chapter 11 bankruptcy case to give management four additional months to file a reorganization plan. : The parent company of the Chicago Tribune is scheduled to deliver a plan Aug. 4 but wants to extend that deadline to Nov. 30. : Debtors in Chapter 11 bankruptcy cases have the exclusive right for 120 days from the date of filing to come up with a plan of reorganization. But for the first 18 months of a case, that right is often extended. Tribune Co., which filed its case in early December last year, already has won approval to extend the deadline once. : 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."

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