Tribune Considering Filing for Bankruptcy Protection, WSJ Says

[tekisui]

Dec. 8 (Bloomberg) -- Tribune Co., the newspaper publisher and broadcaster taken private by billionaire Sam Zell last year, is considering filing for bankruptcy protection, according to the Wall Street Journal.

Lazard Ltd. and law firm Sidley Austin were hired to advise Tribune on a possible Chapter 11 filing as soon as this week, the Journal reported yesterday, citing unidentified people familiar with the matter. Gary Weitman, Tribune’s spokesman, said the company doesn’t comment on rumors.

Tribune continued talks with lenders to restructure its debt in recent days, the Journal said. The Chicago-based company, saddled with $11.8 billion in debt from the $8.3 billion buyout of the company last December, has been cutting jobs and selling assets including Long Island’s Newsday to reduce its obligations.

Last month, Tribune reported a third-quarter net loss of $121.6 million as advertising sales continued to slide. Fitch Ratings credit analyst Mike Simonton said at the time that the results were “slightly worse” than expected and that Tribune would have to sell its Chicago Cubs baseball team by year-end to avoid violating loan agreements.

more... http://www.bloomberg.com/apps/news?pid=20601087&sid=akiceI_0gQxM&refer=home

[madrchsod]

1. craigslist and employment ads

at one time the tribune had pages of employment ads. craigslist has killed the wanted and for sale ad revenue.

zell thought he`d make money selling of the tribune company...he is`t

[coalition_unwilling]

2. Couldn't happen to a nicer bunch of

parasites, imho. The bean counters had decimated the staff of the LA Times, back before Zell took Trib private.