Chicago-Based Tribune Company files for Ch. 11 bankruptcy

Submitted by HollywoodChicago.com on December 8, 2008 - 1:05pm.

We knew this was coming for the Chicago-based Tribune Company, but now it’s official:

Media conglomerate Tribune Co. has filed for bankruptcy protection, pressured by high debts. The Chicago Tribune’s parent company was working with bankruptcy advisers at investment bank Lazard and law firm Sidley Austin to weigh financial options, sources told the Chicago Tribune for this morning’s paper.

Tribune Co. has been struggling under a $13 billion debt load since real estate magnate Sam Zell took the company private last December in an $8.2 billion leveraged buyout. The company faces a deadline today on $70 million of unsecured debt it took on before Zell’s deal.

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Debt Releif Grants's picture

Touch Times

Submitted by Debt Releif Grants (not verified) on January 26, 2009 - 1:30am.

These are certainly tough times for most, but it has to be hitting newspapers extra hard. Advertising vehicles have changed so much in last 7 years due popularity of the internet that it almost hard to fathom.

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