Tribune’s attempts to come up with a workable plan to end its bankruptcy have been hampered by disputes among its creditors. On one side, the company’s primary lenders including J.P. Morgan Chase and Bank of America Corp.‘s Merrill Lynch have been accused by bondholders that the $8.2 billion takeover they helped manage essentially left the company insolvent. The bondholders argue that by structuring the deal as a leveraged buyout, that they ought to have known would result a Chapter 11 filing.

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Tribune hopes that in seeking more time—management wants the exclusivity extended through March 2010—it can deliver a plan to is ultimately acceptable to its creditors. In a sign that Tribune’s business is getting stronger, the company said 2009’s cashflow will reach $400 million, almost twice as large as previously expected, Reuters reported. That relative good news could persuade the court that Tribune can reverse—or at least slow—its declines enough to earn it a larger grace period to deliver a plan to exit from Chapter 11.