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US publisher in bankruptcy move {Chi Tribune, LA Times}

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eppur_se_muova Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 05:03 PM
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US publisher in bankruptcy move {Chi Tribune, LA Times}
Source: BBC

US media group Tribune has filed for bankruptcy projection as it struggles with $13bn (8.7bn) of debt.

The owner of the Chicago Tribune and Los Angeles Times has been hit by the industry-wide slump in newspaper advertising revenues throughout 2008.

Tribune is owned by real estate billionaire Sam Zell, who borrowed heavily to buy the firm in June 2007.

Under US Chapter 11 bankruptcy protection law a firm can keep trading while it aims to sort out its finances.



Read more: http://news.bbc.co.uk/2/hi/in_depth/7772234.stm
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maddezmom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 05:06 PM
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1. duplicate topic
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