Creditors Balk At 5th Phila. Newspapers Extension

Law360, New York (April 20, 2010, 2:13 PM EDT) -- Unsecured creditors have pitched a fit over Philadelphia Newspapers LLC's bid to extend yet again its exclusivity period for filing a reorganization plan, complaining that the debtors have dragged their feet with "peripheral and distracting litigation."

The official committee of unsecured creditors filed its objection Monday in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, arguing that the debtors hadn't shown sufficient cause to extend for a fifth time the exclusivity period to file a plan and solicit votes.

Philadelphia Newspapers filed its most...
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