WILMINGTON, Del. — Media company Tribune Co. likely won’t emerge from bankruptcy protection until at least this summer.
Tribune, which has been under Chapter 11 protection for three years, had hoped to end the case this year. But in October, U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., rejected the company’s plan to reorganize its finances, along with a rival plan from dissident creditors.
Tribune has since submitted a revised plan. Approval of the plan is the key step in ending the case. Carey said Thursday that a confirmation hearing on that likely won’t take place until May. It could take weeks or months longer to get a ruling.
Tribune owns the Chicago Tribune, the Los Angeles Times, The Baltimore Sun, other major newspapers and more than 20 television and radio stations, including WGN in Chicago.
Tribune Co. declined comment Friday.