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Judge Extends Deadline in Tribune Co. Bankruptcy

by Administrator 14. October 2010 08:55
A U.S. Bankruptcy judge extended the filing deadlines in Tribune Co.'s bankruptcy case Wednesday to give creditors more time to propose restructuring plans for the company.

Judge Kevin Carey had previously given Tribune Co. and its various creditors until Friday to file any restructuring plans, but junior creditors asked that a company-sponsored plan, which was negotiated earlier this week be filed first. Carey granted the creditors an additional two weeks to decide whether to file competing plans.

Carey said Tribune Co. and it's partners would have to file plans by October 22 and any other plans would be due by the 29th. A mandatory disclosure statement hearing releasing the competing plans for vote is scheduled for November 29.

The proposed restructuring plan would give junior bondholders $420 million and provide another $102 million to pay off retirees and general unsecured creditors.

If your business is facing bankruptcy, please contact the Arizona Chapter 11 bankruptcy lawyers of Harmon Law Office, LLC by calling 480-829-0494.

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