Tribune Company management under Sam Zell has sought an extension on its “exclusivity” to come up with a plan to emerge from bankruptcy, Chicago Tribune reported. The company made its request in a bankruptcy court filing, which indicated that if its request is approved, Tribune could come out of its bankruptcy by the end of next May. As it stands now, management’s exclusivity is set to expire this month.
Tribune’s attempts to come up with a workable plan to end its bankruptcy have been hampered by disputes among its creditors. On one side, the company’s primary lenders including J.P. Morgan Chase and Bank of America Corp.