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  1. #1 Tribune files for bankruptcy 
    Festivus Moderator ralph wiggum's Avatar
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    Media conglomerate Tribune Co., pressured by high debts, has filed for bankruptcy protection.

    The Chicago Tribune's parent company was working with bankruptcy advisers at investment bank Lazard and law firm Sidley Austin to weigh financial options, sources told the Chicago Tribune for this morning's paper.

    Tribune Co. has been struggling under a $13 billion debt load since real estate magnate Sam Zell took the company private last December in an $8.2 billion leveraged buyout. The company faces a deadline today on $70 million of unsecured debt it took on before Zell's deal.

    In a news release, the company said the Chicago Cubs franchise, including Wrigley Field, was not included in the Chapter 11 filing. Efforts to monetize the Cubs and its related assets will continue, the company said.

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  2. #2  
    CU's Tallest Midget! PoliCon's Avatar
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    gee - what will we do without these yellow journalist outlets?
    Stand up for what is right, even if you have to stand alone.
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  3. #3  
    LTC Member Odysseus's Avatar
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    Quote Originally Posted by ralph wiggum View Post
    Media conglomerate Tribune Co., pressured by high debts, has filed for bankruptcy protection.

    The Chicago Tribune's parent company was working with bankruptcy advisers at investment bank Lazard and law firm Sidley Austin to weigh financial options, sources told the Chicago Tribune for this morning's paper.

    Tribune Co. has been struggling under a $13 billion debt load since real estate magnate Sam Zell took the company private last December in an $8.2 billion leveraged buyout. The company faces a deadline today on $70 million of unsecured debt it took on before Zell's deal.

    In a news release, the company said the Chicago Cubs franchise, including Wrigley Field, was not included in the Chapter 11 filing. Efforts to monetize the Cubs and its related assets will continue, the company said.

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    Has congress planned a bailout?
    Quote Originally Posted by PoliCon View Post
    gee - what will we do without these yellow journalist outlets?
    Celebrate?

    BTW, there's more good news out there. The NY Times is borrowing against it's building to meet its payroll and other obligations. :D
    --Odysseus
    Sic Hacer Pace, Para Bellum.

    Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
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  4. #4  
    CU's Tallest Midget! PoliCon's Avatar
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    Quote Originally Posted by Odysseus View Post
    Which is why they NEED the fairness doctrine. Without it - they cannot compete.
    Stand up for what is right, even if you have to stand alone.
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  5. #5  
    eeeevil Sith Admin SarasotaRepub's Avatar
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    EyeLids must be crushed...:D
    May the FORCE be with you!
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