12.10.2008 07:59 AM
Tribune Company files for Chapter 11 bankruptcy protection

The Tribune Company, owner of the “Los Angeles Times,” the “Chicago Tribune” and 23 TV stations, said Dec. 8 that it has filed for Chapter 11 bankruptcy protection and restructuring.

The company, which was acquired last December by real estate tycoon Sam Zell, will continue operating its publishing, TV and interactive properties without interruption during the restructuring, according to the company. The Chicago Cubs baseball team and its home, Wrigley Field, both of which the Tribune Company owns, are not included in the bankruptcy filing.

Despite efforts to transform the company into a more “entrepreneurial company," “factors beyond our control” including declining revenues, a slowing economy and the credit crisis have made the company’s debt support “extremely difficult,” Zell said.

The restructuring “will bring the level of our debt in line with current economic realities,” he said, adding that the move is focused on debt and not operations.

Since going private last year, Tribune has repaid about $1 billion of its senior credit.

For more information, visit http://chapter11.epiqsystems.com/tribune.

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Tuesday 03:07 PM
WMUR-TV Says FAA Drone Rules Preclude ENG
The FAA’s current rules and proposed ban on flight over people, requirement of visual line of sight and restriction on nighttime flying, effectively prohibit broadcasters from using UAS for newsgathering. ~ WMUR-TV General Manager Jeff Bartlett

D. Pagan Communications /   Friday 10:35 AM
Blue Line is Hot on the Trail of DPA Microphones
Clyne Media, Inc /   Thursday 09:51 PM
Focusrite Expands RedNet Range

Featured Articles
Discover TV Technology