Tribune creditors win extension of prosecution order termination date

By Caroline Salls

Pittsburgh, Oct. 31 - Tribune Co.'s official committee of unsecured creditors obtained court approval to extend a termination event included in court orders, allowing the creditor group to prosecute lawsuits on behalf of the company, to Dec. 13 from Oct. 14, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the committee has been granted standing to prosecute and settle claims arising out of Tribune's 2007 leveraged buyout and claims related to avoidable transfers.

However, any lawsuits filed by the committee are "broadly stayed" and cannot be settled without the consent of the company and committee until a termination event occurs.

Tribune, a Chicago-based media company, filed for bankruptcy on Dec. 8, 2008. Its Chapter 11 case number is 08-13141.

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