Tribune Co. delayed filing anticipated amendments to its bankruptcy restructuring plan Friday, citing ongoing negotiations with creditors.
A week ago, in the wake of collapsed talks toward a new settlement in the case, Tribune Co. lawyers told a Delaware bankruptcy judge that the company would file plan amendments by Friday and provide suggestions for new schedule for voting and confirmation hearings on the revised plan.
They warned that if the new plan didn’t win over enough creditors the company would bring litigation over claims related to the propriety of its 2007 leveraged buyout.
But in a note to employees late Friday afternoon, Chief Executive Randy Michaels said “Since last week, we have been involved in discussions with our various creditor constituencies about our restructuring plan. Given the ongoing nature of those discussions, we have decided not to file any amendments to our plan at the present time.”
Creditors, who had threatened to file competing reorganization plans if they couldn’t get behind the Tribune Co. plan, had also held back as of late Friday.