Posted on 12/07/2008 9:32:23 PM PST by Free ThinkerNY
The Tribune Company, the newspaper chain that owns The Chicago Tribune and The Los Angeles Times, is trying to negotiate new terms with its creditors and has hired advisers for a possible bankruptcy filing, according to people briefed on the matter.
Tribune is in danger of falling below the cash flow required under its agreement with its bondholders, but it is not clear how seriously Tribune is thinking about seeking bankruptcy protection. Analysts and bankruptcy experts say that the hiring of advisers, including Lazard and Sidley Austin, one of the company’s longtime law firms, could be a just-in-case move, or a bargaining tactic. The company would not comment on Sunday.
Tribune went private last December, paying more than $8 billion in a deal that put Samuel Zell, a real estate billionaire, in control of the company. It has struggled since then under the resulting debt, forcing deep cuts at its newspapers. It also sold Newsday to raise cash.
The Tribune Company owns 23 TV stations and 12 newspapers, including two of the eight largest in the country by circulation. As of Sept. 30, The Los Angeles Times had weekday circulation of 739,000 and the Chicago Tribune had 542,000.
(Excerpt) Read more at nytimes.com ...
Good, - take the New York Times with you......
You know what would have sold millions of papers and got multi millions in web traffic THAT TAPE OF OBAMA TOASTING Rashid Khalidi
Hey LA Times call up your messiah and see if he will bail you out. You saved his neck, now he should save yours.
Good riddance... a spotted owl sleeps securely tonight.
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