It has been reported that a U. S. bankruptcy judge has given Tribune Co. more time to put together key pieces of its Chapter 11 restructuring plan.

The Chicago Tribune has reported that Judge Kevin J. Carey Friday granted Tribune additional time after the media giant said it had resolved most issues but needed to deal with objections from Wells Fargo, the agent for holders of a $1.6 billion unsecured bridge loan.

Documents would be due after Memorial Day and he would try to approve them later in the week, Carey said.

Under federal bankruptcy law, the Tribune's reorganization plan must include a disclosure statement that describes the plan, its rationale and any opposition before creditors vote on it.

It's too vague and inconsistent in describing how bridge loan holders would be treated if they oppose the plan, argued Wells Fargo, which opposes the plan.

It was also reported that Carey agreed the language was confusing and ordered the Tribune to propose an alternative by Tuesday, after which Wells Fargo will get a day to respond.

If approval comes next week, Tribune, which owns the Los Angeles Times, the Chicago Tribune and other major media outlets, can send creditors vote solicitation packages ahead of a confirmation hearing scheduled for August.

The report further noted that the company would have to overcome opposition from creditors to emerge from bankruptcy by fall. (With Inputs from Agencies)