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latimes.com - 12/8/2008

Tribune Co. files for Chapter 11 bankruptcy protection - Los Angeles Times

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"A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt," Zell said in a statement to employees just before 11 a.m. Pacific time. "All of our major advertising categories have been dramatically impacted." The ...

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Tribune Company - Parent of Los Angeles Times - BUSTO
FullosseousFlap's Dental Blog — ... The Tribune Company filed for Chapter 11 bankruptcy today. The company that owns the Los Angeles Times, KTLA Channel 5 and the Chicago Tribune filed for bankruptcy protection today, seeking relief from $12 billion in debt that largely stems from last year’s leveraged buyout of the media firm. Tribune Co. directors approved the action to seek Chapter 11 protection in a meeting today, saying they want to restructure payments to banks and other creditors, following real estate magnate Sam Zell’s purchase of the company last year. ...

A Shrug From The City Of Broad Shoulders
Dean's World — ... Tribune Corp today filed for bankrupty, citing its irrelevance cash flow problems, and strangely enough I received a free copy of today’s Chicago Tribune on my stoop this morning, whether by error, human design or divinely-inspired serendipity I cannot say.  It went right in the trash, after a brief glances at the headline revealed one article bemoaning the lack of Hispanics in Obama’s Cabinet (apparently the nation isn’t past obsessing over race just yet), one noting that parking rates in the People’s Republic of Chicago will soon ...

And *Bam*
Blue Crab Boulevard — ... The Tribune Company has filed for bankruptcy . The parent company for the Los Angeles Times and the Chicago Tribune is filing Chapter 11 in Delaware, where the company is incorporated. Tribune’s debt has become more burdensome over the last six months as advertising revenue at its eight daily newspapers and 23 television stations has fallen sharply. Industry projections are for further declines over the next six months to a year. The company said it plans to file in Delaware, where it is incorporated.“The focus of the filing today is 100% on relieving the pressure on the ...

Tribune Co. files for Chapter 11 bankruptcy protection
Democratic Underground Latest Breaking News — ... skyscraper in midtown Manhattan to help cover operating costs. But none as yet has gone so far as to file for bankruptcy, which could add a new dimension of uncertainty for Tribune and its 16,000 employees. During a bankruptcy reorganization, major management decisions are subject to the approval of a bankruptcy judge, and the ultimate fate of a company -- including whether it remains intact or is sold off in pieces -- could be decided in part by its creditors. Read more: http://www.latimes.com/business/la-fi-tribune9-2008dec0...

The Fall of the L.A. Times. The Rise of EPIC?
The Moderate Voice — ... Tribune Co. which is the parent of the LA Times, among other media holdings, has now filed for Chapter 11 bankruptcy protection. While this is doubtless sad news for the employees and their families, each time we see a story like this I wonder once again whether or not ...

No Thomas Jefferson Bailout
The Moderate Voice — ... The “latter” is in the grip of the financial squeeze and advertising losses in a failing economy as the company that owns the Los Angeles Times, the Chicago Tribune and the Baltimore Sun files for bankruptcy protection today, and the New York Times is reportedly planning to ...