Tribune Co. chief executive Sam Zell calls situation "a perfect storm." (By Damian Dovarganes -- Associated Press)
Posted on 12/09/2008 1:00:19 PM PST by Ernest_at_the_Beach
Tribune Co. chief executive Sam Zell calls situation "a perfect storm." (By Damian Dovarganes -- Associated Press)
The move will allow Tribune to stay in business while it seeks better terms from its creditors. The company stressed that all of its businesses, which include eight major daily newspapers and 23 television stations, will continue their day-to-day operations while Tribune restructures its debt.
According to Tribune's bankruptcy filing in a Delaware court yesterday, the company has $12.9 billion in debt and $7.6 billion in assets.
Tribune's largest creditor is J.P. Morgan Chase, which is owed $8.6 billion. Merrill Lynch is second, at $1.6 billion, and Deutsche Bank is third, at $900 million.
Chicago-based Tribune owns properties in most of the nation's largest cities. Its holdings include the Chicago Tribune and Los Angeles Times; cable television superstation WGN in Chicago; the Baltimore Sun; and WDCW-50 in Washington, a CW affiliate. The company also owns Major League Baseball's Chicago Cubs and Wrigley Field, which are for sale and outside of bankruptcy protection.
(Excerpt) Read more at washingtonpost.com ...
some info on the holdings...
Don’t blame the Washington Post. They held the presses so they could run Ruth Marcus and her ludicrous “Caroline Kennedy for Senate” column today.
God is punishing them for publishing lies.
LOL!
Michelle Malkin: The newspaper bailout countdown clock: It’s here!
Zell was asked why he didn’t file bankruptcy earlier when he knew there were problems.
He replied that “there was this guy elected president who wrote the Audacity of Hope”.
LOL!
I “hope” you don’t think I’m kidding...
That was a quote in an article in the WSJ today.
Well...I thought that was your quote.....
I thought you were kidding. It seems the Trib was negotiating with Blageyovich.
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