Star Tribune Wants Control Of Bankruptcy For 90 More Days
The Star Tribune, which filed for bankruptcy earlier this year, is asking for a 90-day extension on control over its own bankruptcy case. The publisher also asked for extra time to get approval of any plan in order to avoid competing proposals. If granted, the extension would give the Tribune exclusive control until August 13, and approval room through October 12. If the request is not granted, however, creditors or outside interests could propose reorganization plans of their own. At the center of any proposal is reaching an agreement with unions. The Tribune failed to obtain $20 million in concessions from its unions previously, forcing the company into bankruptcy. Two-thirds of the company's 1,597 employees are union members, and the company has continued negotiations with unions as part of the reorganization process.
See "Star Tribune Wants Control Of Bankruptcy For 90 More Days", Eric Morath, The Wall Street Journal, April 21, 2009