Tirbune Co. Bankruptcy Proceedings Postponed

In Dover, Delaware, Tribune Co. is asking that a judge in expand its deadline in its bankruptcy case so that the company can continue to negotiate with its creditors.

Earlier this month, the judge moved several deadlines in the Chapter 11 bankruptcy filing to give the company enough time to respond to an independent examiner's report on the media tycoon's 2007 leveraged buyout. The company was given sufficient time to respond to potential claims.

However, late last week Tribune filed a motion and said it would be unwise to adhere to the current time frame. The company blamed the given state of negotiations aimed at developing a mutually agreed-upon reorganization plan. Tribune told the judge that its creditors should not be bound by this Friday's deadline to vote on its plan.

At this time, the judge presiding over the case has scheduled a hearing for Tuesday in order to closely consider the company's request.

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