Tribune wants more time

Parent company of the LAT, now in bankruptcy protection, has asked for four additional months to file a reorganization plan. That would move the date from Aug. 4 to Nov. 30. Tribune said that the Chicago Cubs sale could have a "material impact" on the plan. From the Chicago Tribune:

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.