By Michael Oneal
Chicago Tribune staff reporter
Bankrupt company cites complex nature of case, Cubs sale in its 'routine' request
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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