A bankruptcy judge in Delaware is urging Tribune Co. and its creditors to continue negotiations, even after lawyers wrapped up arguments on competing plans that would let the company emerge from bankruptcy protection.
Some creditors oppose Tribune Co.'s plan because it would protect lenders who financed the company's 2007 leveraged buyout from lawsuits. Tribune Co. entered bankruptcy protection in 2008, a year after Sam Zell orchestrated the buyout deal, which left the company with too much debt. The opposing creditors have proposed their own reorganization plan.
Judge Kevin Carey said Tuesday that he's started work on a ruling, but said attorneys might want to keep negotiating.
Tribune Co. owns the Chicago Tribune, the Los Angeles Times, other major newspapers and more than 20 television and radio stations.