The court granted the Philadelphia Newspapers LLC, which is the insolvent proprietor of the Philadelphia Inquirer and The Daily News to remain the only part that can give a plan to the corporation in order to reorganize itself.

U. S. Bankruptcy, Judge Stephen Raslavich, at a trial today in Philadelphia, gave an extension to the publisher's exclusive period until May 11, which gives the corporation some extra time in order to put in the results of this week's public sale and other details to the existing edition of its reorganization proposal.

The firm's lenders group outbid two competitors at an April 28 insolvency auction with a winning tender of $139 million. The group, which includes Angelo Gordon & Co. and a Credit Suisse Group AG unit, received a monetary support from New York hedge fund Alden Global Capital. The sale ought to be approved by Raslavich.

A court trial to consider the auction is planned for May 25. Raslavich should also agree with the company's restructuring arrangement, which would include any new agreement with the newspapers' unions that should reach by June 30.