NEW YORK (Reuters) – Citing the "ongoing nature" of talks with creditors, Tribune Co announced on Friday it would not file amendments to its bankruptcy plan at the present.
Tribune, the owner of the Los Angeles Times, Chicago Tribune and more than 20 television stations, has been unable to garner broad creditor support for its restructuring plan.
The company had said it would put out a new plan on August 27. But the company decided against doing so, it said on Friday.
Tribune filed for bankruptcy in December of 2008, less than a year after real estate developer Sam Zell led a more than $8 billion leveraged buyout of the media company. Last month, a court examiner said in his report investigating the buyout that he thought it was likely a court would find fraud in the transaction.
That report caused a delay in the company's ability to emerge from bankruptcy, which had been set for the end of this month. It is now expected in October at the earliest.
Typically, a company's bankruptcy restructuring plan is built through a negotiating process that includes both the company and its senior creditors.
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