Tribune Co. Out Of Bankruptcy In Six Months?

The Tribune Company indicated in court papers filed last Friday that it might emerge from bankruptcy by May 31 of next year. The company is filing for a four month extension “to craft a plan to exit Chapter 11 without interference from other parties.” Bankruptcy is very confusing. More from the LA Times:

The Chicago-based media company, whose holdings include the Los Angeles Times and KTLA-TV Channel 5, is trying to avoid a lengthy and costly legal battle with some creditors, who are likely to recoup little of their investment in the company given the distressed values of its newspaper and television assets.

A dissident bondholder group has accused Tribune and its senior lenders of hiding “millions of dollars” worth of fees from the court and is conducting an investigation of the $8.2-billion leveraged buyout that gave real estate mogul Sam Zell control of the company.

Romenesko has the Tribune Co. memo.

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