Northwest Indiana Discussion :: View topic - Local Newspaper Files Bankruptsy

http://www.chicagobreakingnews.com/2008/12/tribune-files-for-bankruptcy.html

Chicago Tribune parent Tribune Co. filed for Chapter 11 bankruptcy protection today in Delaware so it can restructure its debt.

The Chicago Cubs and Wrigley Field, which Tribune Co. has on the auction block, are not part of the filing. The company said it has sufficient cash to continue to operate its media businesses, including publishing its newspapers and running its television stations and interactive properties, without interruption.

Chicago-based Tribune Co. had more than enough cash on hand to make a payment of $70 million due today on money borrowed before Zell's deal, but it was unable to convince lenders to embrace a broader restructuring of its debt.

Much of its debt was incurred last year when real estate magnate Sam Zell took the company private last December. It has repaid about $1 billion of its senior credit facility since then. But the situation at Tribune Co., which has suffered from industrywide declines in advertising revenue that have eroded its cash flow since the deal was done, is emblematic of the squeeze felt throughout the media business overall, and newspaper companies in particular.

Beside the Chicago Tribune, Tribune Co. owns the Los Angeles Times and other newspapers as well as several TV stations.

Did I tell ya?

So who will be next?

Author:	Mirage [ Mon Dec 08, 2008 2:31 pm ]
Post subject:	Local Newspaper Files Bankruptsy
http://www.chicagobreakingnews.com/2008 ... uptcy.html Chicago Tribune parent Tribune Co. filed for Chapter 11 bankruptcy protection today in Delaware so it can restructure its debt. The Chicago Cubs and Wrigley Field, which Tribune Co. has on the auction block, are not part of the filing. The company said it has sufficient cash to continue to operate its media businesses, including publishing its newspapers and running its television stations and interactive properties, without interruption. Chicago-based Tribune Co. had more than enough cash on hand to make a payment of $70 million due today on money borrowed before Zell's deal, but it was unable to convince lenders to embrace a broader restructuring of its debt. Much of its debt was incurred last year when real estate magnate Sam Zell took the company private last December. It has repaid about $1 billion of its senior credit facility since then. But the situation at Tribune Co., which has suffered from industrywide declines in advertising revenue that have eroded its cash flow since the deal was done, is emblematic of the squeeze felt throughout the media business overall, and newspaper companies in particular. Beside the Chicago Tribune, Tribune Co. owns the Los Angeles Times and other newspapers as well as several TV stations. Did I tell ya? So who will be next?

Author:	Chairman Mao [ Mon Dec 08, 2008 5:03 pm ]
Post subject:	Re: Local Newspaper Files Bankruptsy
Good Riddance!!!

Author:	mike3775 [ Mon Dec 08, 2008 10:34 pm ]
Post subject:	Re: Local Newspaper Files Bankruptsy
Mirage wrote: http://www.chicagobreakingnews.com/2008/12/tribune-files-for-bankruptcy.html Chicago Tribune parent Tribune Co. filed for Chapter 11 bankruptcy protection today in Delaware so it can restructure its debt. The Chicago Cubs and Wrigley Field, which Tribune Co. has on the auction block, are not part of the filing. The company said it has sufficient cash to continue to operate its media businesses, including publishing its newspapers and running its television stations and interactive properties, without interruption. Chicago-based Tribune Co. had more than enough cash on hand to make a payment of $70 million due today on money borrowed before Zell's deal, but it was unable to convince lenders to embrace a broader restructuring of its debt. Much of its debt was incurred last year when real estate magnate Sam Zell took the company private last December. It has repaid about $1 billion of its senior credit facility since then. But the situation at Tribune Co., which has suffered from industrywide declines in advertising revenue that have eroded its cash flow since the deal was done, is emblematic of the squeeze felt throughout the media business overall, and newspaper companies in particular. Beside the Chicago Tribune, Tribune Co. owns the Los Angeles Times and other newspapers as well as several TV stations. Did I tell ya? So who will be next? I have to hand it to the former shareholders, they came out of this smelling of roses. they held out until Zell got so high that they would be idiots not to sell

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