Tribune given extension

Bankruptcy judge has given the media conglomerate (and parent of the LAT) until the end of March to file a reorganization plan. Tribune asked for the March date, backing off on a June deadline. Beyond an actual plan, this bankruptcy case is increasingly centered on the circumstances leading to the 2007 leveraged buyout of Tribune. A committee of unsecured creditors blames the banks for financing the goofy deal, saying that they knew the buyout debt would leave the company insolvent. The committee, whose creditors are desperately trying to get at least a few of their dollars back, wants to start litigating against the banks. But the bankruptcy judge postponed any litigation until April. (Reuters)