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TRIBUNE FILES FOR BANKRUPTCY

Posted by Cory Bergman on December 8, 2008

As feared, Tribune has filed for Chapter 11 bankruptcy protection. Tribune maintains that it has enough cash on hand to continue operating its media businesses, and it filed for bankruptcy in order to restructure its debt. “Over the last year, we have made significant progress internally on transitioning Tribune into an entrepreneurial company that pursues innovation and stronger ways of serving our customers,” said Zell, chairman and chief executive of Tribune Co. “Unfortunately, at the same time, factors beyond our control have created a perfect storm — a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt.” In a court filing, Tribune said it had nearly $13 billion in debt, compared to $7.6 billion in assets. Press release here.

Also: New York Times to borrow $225 million against new building

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