A Chapter 11 that will never end. U.S. Bankruptcy Judge Kevin Carey says he won't hold a hearing to resolve the three-year-old case until May, at the earliest. That is, unless the two bickering sides can resolve their differences before then - and there's no indication of that happening. From the LAT:
The case pits Tribune and it senior creditors, including Oaktree Capital Management in Los Angeles and JPMorgan Chase & Co. in New York, against a group of junior bondholders led by hedge fund Aurelius Capital Management in New York. The two sides have battled furiously over their competing plans to reorganize the company.
The LAT and other Tribune properties have been operating quasi-normally since the company filed for Chapter 11, but there's been sporadic speculation - much of it lacking any foundation - on whether the new owners sell off newspapers, TV stations, and other assets.