Skip to comments.Tribune Co. outlays failed to halt spiral (Dinosaur Media DeathWatch™)
Posted on 12/30/2008 5:41:49 AM PST by abb
Before Tribune Co. sought bankruptcy protection on Dec. 8, the Chicago-based media company and Chicago Tribune owner had spent nearly $3 million for legal work related to managing and restructuring its massive debt.
Those efforts began as early as March, three months after Chicago real estate investor Sam Zell completed a deal to take Tribune Co. private in a leveraged buyout, according to court documents filed Dec. 26 by Sidley Austin, Tribune Co.'s bankruptcy counsel.
Sidley's filing, as well as papers submitted to the bankruptcy court by other Tribune Co. advisers, indicate that the prospect of Chapter 11 reorganization became a more likely scenario in November, weeks before the bankruptcy petition was filed in Delaware.
In early November, Tribune Co. hired consulting firm Alvarez & Marsal, well-known restructuring and bankruptcy advisers, to assist with bank negotiations, among other things, according to court papers. Prior to Tribune Co.'s bankruptcy, Alvarez & Marsal was paid more than $1 million by the media company.
Also last month, Tribune Co. hired the Edelman public relations firm to assist with communications in connection with a possible Chapter 11 petition, Edelman said in court documents. Tribune Co. provided Edelman with two retainers totaling $110,000. As of Dec. 14, Edelman had applied $98,000 for incurred fees and expenses.
(Excerpt) Read more at chicagotribune.com ...
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I kinda waiting for Law and Order francise reset Sarah Palin that what I waiting for maybe SVU episode where they badmouth her daughter getting pregnant
That what I waiting for it seem that Law and ORder went from being average cop show with wisecracking NYPD detective to reset episode of today events
OH I giving you ideas eh?
Long time Law and Order fan. Its plots have been famously 'ripped from the headlines' since the very beginning.