Eastern Granted Reorganization Reprieve: Eastern Airlines bought...

Eastern Granted Reorganization Reprieve: Eastern Airlines bought some time in its effort to escape bankruptcy proceedings when a judge granted the airline two more weeks to file a plan to satisfy its many creditors. The reprieve gives the strike-ridden Texas Air Corp. unit the exclusive right to present a reorganization plan until July 21, extending a deadline that was to expire Friday. If Eastern has not filed a plan by July 21, other parties may submit their own blueprints to get the Miami-based airline off the ground. Eastern filed for bankruptcy protection from its creditors March 9.