Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Tribune Considering Filing for Bankruptcy Protection, WSJ Says

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
tekisui Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:37 AM
Original message
Tribune Considering Filing for Bankruptcy Protection, WSJ Says
Dec. 8 (Bloomberg) -- Tribune Co., the newspaper publisher and broadcaster taken private by billionaire Sam Zell last year, is considering filing for bankruptcy protection, according to the Wall Street Journal.

Lazard Ltd. and law firm Sidley Austin were hired to advise Tribune on a possible Chapter 11 filing as soon as this week, the Journal reported yesterday, citing unidentified people familiar with the matter. Gary Weitman, Tribunes spokesman, said the company doesnt comment on rumors.

Tribune continued talks with lenders to restructure its debt in recent days, the Journal said. The Chicago-based company, saddled with $11.8 billion in debt from the $8.3 billion buyout of the company last December, has been cutting jobs and selling assets including Long Islands Newsday to reduce its obligations.

Last month, Tribune reported a third-quarter net loss of $121.6 million as advertising sales continued to slide. Fitch Ratings credit analyst Mike Simonton said at the time that the results were slightly worse than expected and that Tribune would have to sell its Chicago Cubs baseball team by year-end to avoid violating loan agreements.

more... http://www.bloomberg.com/apps/news?pid=20601087&sid=aki...
Printer Friendly | Permalink |  | Top
madrchsod Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:17 AM
Response to Original message
1. craigslist and employment ads
at one time the tribune had pages of employment ads. craigslist has killed the wanted and for sale ad revenue.

zell thought he`d make money selling of the tribune company...he is`t
Printer Friendly | Permalink |  | Top
 
coalition_unwilling Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:19 AM
Response to Original message
2. Couldn't happen to a nicer bunch of
parasites, imho. The bean counters had decimated the staff of the LA Times, back before Zell took Trib private.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat Aug 30th 2014, 04:00 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC