FishbowlNY - Turning the Page For New York Media

Tribune Co.'s No Good, Very Bad Week

tribune logo22.jpg

Sam Zell is not going to be having the greatest Thanksgiving this year: not only has The New York Times enlisted some of his former Tribune Company employees to write the paper's new Chicago edition, but the newspaper publisher's request for an extension on its exclusive right to file a reorganization plan to lift the company from Chapter 11 is a being challenged by the company's creditors, Editor & Publisher reports.

It's been almost a year since Tribune filed for bankruptcy and it wants to maintain control over its reorganization plan, which it has yet to file to the court for approval. Two weeks ago, top execs at Tribune asked for an extension for the filing of the plan until May, with the promise that the fourth quarters are traditionally the strongest at the company's papers. Now some of Tribune's lenders are seeking to block Tribune's extension request and asking to see more evidence for their allegations that the company's 2007 going-private deal was a fraudulent conveyance.


After Tribune asked the courts for six more months to restructure the company last week, JPMorgan Chase (one of Tribune's holders) urged an investigation into the publisher's practices, saying:

...it is time for the parties, who have been provided with more than enough information to permit them to decide how to proceed with regard to the transactions, to move forward without further delay. A four-month extension of debtors exclusive period to file a plan of reorganization will serve no purpose; an imminent termination of that period may spur movement.

Several other senior lenders are asking the courts to review the case and hand control of the process over to them, where those who have stake in the company could form a holding company over Tribune's assets and subsidiaries.

Read More:
Extend Tribune's Bankruptcy Control? Not So Fast, Say Lenders

Previously: Tribune Plans To Emerge From Bankruptcy By May 31

New from mediabistro.com

20 Tips in 20 Minutes
mediabistro.com's PR Speaking Series: Online & In Person

The phone rings. It's CNBC. They want your CEO in the studio and on air. In three hours. Oh, and your CEO has never done a broadcast interview. What do you do? Find out at our new monthly breakfast speaking series for PR and marketing professionals, "20 Tips in 20 Minutes." Our next topic is "Media Training: How to Prep Your Company, Client, and Yourself for Interviews," with Garrett Glaser, former CNBC and MSNBC.com reporter and founder of Glaser Media LLC at 9am on Thursday, February 18. Join us for breakfast or watch the live webcast from your desk. Click here to sign up and view the full schedule of topics.

Email This Post

Fill out the following information and click on the Send button in order to send this post, Tribune Co.'s No Good, Very Bad Week, to a friend.
Friend's name
Friend's email address
Your name
Your email address
Note to your friend (optional, max 200 Characters)

Read more on FishbowlNY >

Turning the Page For New York Media

FishbowlNY in Your Inbox
Our Blog Network

BayNewser

WebNewser

TVNewser

PRNewser

MediaJobsDaily

GalleyCat

eBookNewser

UnBeige

MobileContentToday

AgencySpy

FishbowlDC

FishbowlLA

FishbowlNY

FishbowlNY Staff
Editor:
Amanda Ernst

Contributing Editor:
Drew Grant

Columnist:
Diane Clehane

About FishbowlNY
Follow FishbowlNY
Email FishbowlNY

Topics

About

About Us - Modules

Acquisitions

Advertising

Alternative Weeklies

AMC 2006

AMC 2007

AMC 2008

Awards

Beijing Olympics

Books

Bottom Feeding

Breaking News

Circulation

Daily Angle

Dissecting NPR

DNC '08

Election '08

Ellies '08

Fashion Week

Fishbowl Initiatives

FishbowlNY Poll

Inauguration '08

International

Keith Kelly Distilled

Legal Trouble

Lunch

Magazines

Markets & Media

Media Beat

Media Companies

Media Events

Media Lookbook

Media Minutiae

Media People

Mediabistro Circus

Memopad Distilled

Menu

Movies

New Media

News

Newspapers

NYT in 90 Seconds

Obituaries

Parties

Pop Culture

Radio

Revolving Door

RNC '08

Scandals

Scholarly Pursuits

Strike Watch

SXSWi '08

The Crystal Ball

The Internet Presidency

The State of Journalism

Time 100

Trends

TV

Video

Archives

February 2010

January 2010

December 2009

November 2009

more...

Links

AdAge

Beet.tv

BusinessWeek | Fine on Media

Buzz Machine/Jarvis

The Colbert Report

The Corsair

Daily Show

Editor & Publisher

Ed2010

Folio:

Gawker

Gothamist

Guardian America | Media

HuffPo

IWantMedia

Marketwatch | Friedman

Mediaite

Mediapost

Media Wire Daily

NY Daily News

NY Mag | Daily Intelligencer

NY Observer | The Media Mob

NY Post | Keith Kelly

NYT | Media Decoder

The Onion

Paid Content

Poynter | Romenesko

Silicon Alley Insider

Slate | Jack Shafer

Wall Street Journal

WaPo | Media Notes

James Wolcott

WWD | Memo Pad

Job Listings

Featured Listings

Editorial Intern
Investmentwires
New York, NY

Associate Automotive Editor, Popular Mechanics
Hearst Magazines
New York, NY

Director of Publisher Development
TRAFFIQ.com
New York, NY

Managing Editor - Digital Media
The Journal of Commerce - UBM Global Trade
Newark, NJ

Upcoming


Nonfiction Book Writing
February 8
New York

HTML Fundamentals
February 20
New York

From Essay to Memoir
February 22
New York


ADVERTISEMENT


mediabistro.com l Member Benefits l Jobs l Freelance Marketplace l Courses l Events l Forums l Content
mediabistro Blogs: Media News l TVNewser l GalleyCat l UnBeige l FishbowlNY l FishbowlLA l FishbowlDC l PRNewser l AgencySpy
MobileContentToday l WebNewser l BayNewser l eBookNewser l MediaJobsDaily l mbToolbox
Site Map l Advertising/Sponsorships l Partners l About Us l Contact Us/Help

WebMediaBrands
mediabistro learnnetwork freelanceconnect SemanticWeb
Jobs | Events | News
Copyright 2010 WebMediaBrands Inc. All rights reserved.
Advertise | Terms of Use | Privacy Policy