Liberalism bites the dust.
Tribune Co. files for bankruptcy
ASSOCIATED PRESS
Monday, December 8, 2008
** FILE ** In this June 1, 2006 file photo The Tribune Tower, left, home of the Chicago Tribune newspaper offices and newsroom, is reflected in a sheet of glass in Chicago. Tribune Co., owner of the Los Angeles Times and Chicago Tribune, other newspapers and the Chicago Cubs and Wrigley Field, has hired financial advisers ahead of a possible filing for bankruptcy-court protection, according to reports on Sunday Dec. 7, 2008. The Chicago Tribune reported its parent hired investment bank Lazard Ltd. and law firm Sidley Austin as it considers its financial options. (AP Photo/Nam Y. Huh, File)
The owner of the Chicago Tribune, the Los Angeles Times, The (Baltimore) Sun, the Chicago Cubs and other properties has $13 billion in debt.
Severe reductions in advertising this year because of the recession has put pressure on the company. Most of its debt comes from the complex transaction in which the company was taken private by real estate mogul Sam Zell last year.
Although the next major principal payment isn't due until June, analysts say Tribune has been in danger of missing lender-imposed financial targets.
Tribune made the filing Monday in bankruptcy court in Delaware. |
