Bankrupt publisher and TV broadcaster Tribune Co filed for bankruptcy last December, and it’s looking increasingly like next December might be the first time we see what the new company will look like. Here is what the company’s Chicago Tribune newspaper reported Tuesday morning:
The parent company of the Chicago Tribune is scheduled to deliver a plan Aug. 4 but wants to extend that deadline to Nov. 30.
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.
A spokesman called the request “routine.”
This would be the second time that Tribune gets an extension, if the bankruptcy court judge approves it. Our question for you: Will it be the last? We’re talking about $13 billion in debt, not exactly a foreclosed house. What do you think?
Keep an eye on
- Media companies! They’re not dead! If you don’t believe us, read it here too. (Dow Jones Newswires)
- Freshly departed NBC executive Ben Silverman discovers he really is a rogue outsider after all — and everyone knows it. (The Hollywood Reporter)
- Here is why most people who say they can arrange a viral marketing campaign usually can’t. (The Wall Street Journal)
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