By Michael Oneal | A U.S bankruptcy judge in Delaware granted Tribune Co.’s request for
continued exclusivity in its 16-month-old Chapter 11 case, rejecting a
plea from a large group of creditors led by distressed bond investor
Oaktree Capital that it be allowed to file a competing restructuring
plan.

Tribune Co. filed its plan on April 12 with the support of a range of
junior and senior creditors. It grants the holders of the company’s
senior debt 91.5 percent of Tribune Co.’s value. Junior bondholders
would get 7.4 percent.

The plan has been opposed by the Oaktree group, which spoke out against it in a court hearing Tuesday. But U.S. Bankruptcy Judge Kevin Carey ruled that Tribune Co.’s plan will retain exclusivity as it works toward a hearing on the plan’s disclosure statement to be held May. 20.