Bankruptcy judge refuses to delay hearing on outline of Tribune’s reorganization plan

Tribune seeks approval of disclosure statement

WILMINGTON, Del. — A bankruptcy judge has refused to delay a hearing on the disclosure statement outlining the Tribune Co.’s proposed reorganization plan.

Critics of the plan argued that the hearing should be postponed until an independent examiner reviewing the 2007 leveraged buyout of the media conglomerate submits his report in July.

Tribune attorneys says Thursday’s hearing should proceed. They say the examiner’s report will be available before creditors vote on Tribune’s plan.

Under the plan, JPMorgan and distressed-debt specialist Angelo, Gordon & Co. would be among the new owners of the company. Centerbridge Partners, which leads a group that owns bond debt, would also get a stake.

Tribune, which is based in Chicago, filed for bankruptcy protection in December 2008.