U.S. bankruptcy judge Kevin J. Carey has rejected Tribune Co.’s plan for reorganizing the company so that it can emerge from bankruptcy. A rival proposal from Tribune creditors did not pass muster either.
Carey, a judge in the U.S. Bankruptcy Court in Delaware, on Monday issued an order directing Tribune and its creditors to come up with another plan quickly. The next hearing is set for Nov. 22.
Tribune, a media empire that includes newspapers like the Los Angeles Times and Chicago Tribune, as well as more than 20 broadcasting properties, filed for Chapter 11 bankruptcy in December of 2008.