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: Georgia Bankruptcy BlogTribune Company Files Chapter 11 Bankruptcy Petition In Delaware
By Scott Riddle
From the Wall Street Journal -
Tribune Co. filed for bankruptcy protection Monday, in a sign of worsening trouble for the newspaper industry. In recent days, as Chicago-based Tribune continued talks with lenders to restructure its debt, the newspaper-and-television concern hired investment bank Lazard Ltd. as its financial adviser and law firm Sidley Austin to advise the company on a possible trip through Chapter 11 bankruptcy, people familiar with the matter say.
Tribune owns eight major daily newspapers, including the Los Angeles Times, Chicago Tribune and Baltimore Sun, plus a string of local TV stations....
Even as its financial performance worsens, Tribune has some options. A sale of its Chicago Cubs baseball team is under way, and Tribune owns valuable stakes in businesses including the cable-TV channel Food Network.
Full post as published by Georgia Bankruptcy Blog on December 08, 2008 (boomark / email).
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