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  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] Marie, Chicago tribune Bankrupt
  • Date: Sun, 7 Dec 2008 16:04:24 -0800 (PST)

LA Times, too.



By REUTERS

Published: December 7, 2008
Filed at 6:43 p.m. ET

NEW YORK (Reuters) - Publisher and broadcaster Tribune Co. is preparing for
a possible bankruptcy-protection filing as soon as this week, The Wall Street
Journal reported on its website on Sunday, citing people familiar with the
matter.

Tribune Co., whose newspapers include the Chicago Tribune and Los Angeles
Times, in recent days has hired Lazard Ltd. as its financial adviser and a
legal counsel for a possible trip through bankruptcy court, the paper
reported, citing people familiar with the matter.

Messages left with Tribune and Lazard were not immediately returned.

The Journal, which cited a Tribune spokesman saying the company doesn't
comment on rumors or speculation. It said a Lazard spokesman didn't
immediately respond to a request for comment.

The paper said Tribune has been on wobbly footing since last December, when
real-estate mogul Sam Zell led a debt-backed deal to take the company private.

Tribune so far has stayed ahead of its $12 billion in borrowings with the
help of asset sales, but dwindling profits are now tightening the noose, it
said. The company's cash flow may not be enough to cover nearly $1 billion in
interest payments this year, and Tribune owes a $512 million debt payment in
June, the paper said.




http://www.nytimes.com/reuters/business/business-us-tribune.html






  • [Homestead] Marie, Chicago tribune Bankrupt, bob ford, 12/07/2008

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