UPDATE 1-Mediator will try to bring Tribune out of bankruptcy

* Mediator charged with resolving buyout-related disputes

* Parties asked to submit their plans to mediator

By Tom Hals

WILMINGTON, Del., Sept 1 (Reuters) - A U.S. bankruptcy judge was appointed mediator on Wednesday to broker peace among Tribune Co's creditors and find a way out of the media company's 20-month stay in Chapter 11.

Delaware Bankruptcy Judge Kevin Gross was charged with finding a way to resolve legal claims stemming from the disastrous 2007 leveraged buyout that put real estate developer Sam Zell in charge of the Chicago Tribune, Los Angeles Times and numerous broadcasters.

Less than a year after what Zell has called the "deal from hell," Tribune filed for bankruptcy. The company's plan to get itself out of bankruptcy recently collapsed following an examiner's report.

The judge overseeing the case, Kevin Carey, ordered all the major parties to submit a five-page summary of what they would accept in a plan of reorganization to the mediator.

Gross, who mediated a deal in the seemingly deadlocked bankruptcy of Semgroup, an energy marketing firm, was given direction to set the time and deadlines for talks.

Carey said the parties to the bankruptcy were not to file motions relating to the leveraged buyout during the mediation, although he said parties were free to file their own reorganization plans.

The bankruptcy became bogged down last month after an independent examiner determined that parts of the Zell deal could be found to be an "intentional fraudulent transfer," potentially disqualifying billions of dollars of senior debt.

That paved the way for junior creditors to demand a bigger slice of the Tribune pie.

On Tuesday, Tribune revealed it had appointed a special committee of the board of directors. For details, see [nN31256978]

Unlike many members of the company's board, the four on the committee were scarcely mentioned in the examiner's report, suggesting they may be less constrained in pursuing legal claims against Tribune's directors.

The case is In Re Tribune Co, U.S. Bankruptcy Court, District of Delaware, No. 08-13141.