UPDATE 2-Tribune files no new bankruptcy plan

* New proposal had been expected Friday

* Tribune taking more time to talk with creditors
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NEW YORK, Aug 27 (BestGrowthStock) – Tribune Co (TRBCQ.PK: ),
struggling to win broad creditor support for its plan to emerge
from bankruptcy, said on Friday it would not tweak the proposal
any further at the moment.

The owner of the Los Angeles Times, Chicago Tribune and
more than 20 television stations, Tribune had said it would put
out a new plan on Aug. 27. But the company decided against
doing so, it told employees, citing the “ongoing nature” of
talks with creditors.

A Tribune spokesman declined to comment further.

Tribune filed for bankruptcy in December of 2008, less than
a year after real estate developer Sam Zell led a more than $8
billion leveraged buyout of the media company. Last month, a
court examiner said in his report investigating the buyout that
he thought it was likely a court would find fraud in the

That report caused a delay in the company’s ability to
emerge from bankruptcy, which had been set for the end of this
month. It is now expected in October at the earliest.

Typically, a company’s bankruptcy restructuring plan is
built through a negotiating process that includes both the
company and its senior creditors.

Earlier this week the Los Angeles Times reported that
former Walt Disney Co (DIS.N: ) CEO Michael Eisner had been in
discussions with creditors to succeed Zell as Tribune
(Reporting by Caroline Humer and Dan Levine; Editing by Andre
Grenon and Richard Chang)

UPDATE 2-Tribune files no new bankruptcy plan