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Tribune’s Reorg Plan Deadline Set For March; Bondholders’ Suit Over LBO Structure Delayed

The Tribune Company’s current leadership has been given a reprieve on two legal fronts as it attempts to work its way out of bankruptcy. At a hearing on Thursday, the company’s second request for additional time to come up with a reorg plan and the company has been approved, Reuters reported. Although Tribune execs asked that their control of the company be extended until June, the Delaware bankruptcy court judge overseeing the case would only give them until June to submit its resolution. In another minor victory for the company, the judge told Tribune bondholders’ that their intention to sue the parties involved with the company