Tribune Co.: LBO This, Baby
We warned that LBO's would start collapsing...
newspapers and financials are leading the way, reatil and industrials will follow...
The publisher of the Chicago Tribune and the Los Angeles Times declared bankruptcy...
Tribune Co, which owns eight major daily newspapers and several television stations, filed for Chapter 11 bankruptcy protection
after collapsing under a heavy debt load just a year after real estate mogul Sam Zell took it private.
Like other big companies which took on heavy debt burdens during the private equity boom,
Tribune is now being forced to find a way to cut its borrowings to an amount it can handle.
"This process of deleveraging America, whether financial institutions or Tribune, will be a long, slow and painful process,"
said Duke University Law School Professor James Cox. "That's what's going to prolong this recession."
Tribune owner Sam Zell who has been forced to sell the Chicago Cubs and Wrigley Field: "The reality is that we -- along with the rest of the country --
have very little visibility on where the economy is headed and how our businesses will perform given the recession."
newspapers and financials are leading the way, reatil and industrials will follow...
The publisher of the Chicago Tribune and the Los Angeles Times declared bankruptcy...
Tribune Co, which owns eight major daily newspapers and several television stations, filed for Chapter 11 bankruptcy protection
after collapsing under a heavy debt load just a year after real estate mogul Sam Zell took it private.
Like other big companies which took on heavy debt burdens during the private equity boom,
Tribune is now being forced to find a way to cut its borrowings to an amount it can handle.
"This process of deleveraging America, whether financial institutions or Tribune, will be a long, slow and painful process,"
said Duke University Law School Professor James Cox. "That's what's going to prolong this recession."
Tribune owner Sam Zell who has been forced to sell the Chicago Cubs and Wrigley Field: "The reality is that we -- along with the rest of the country --
have very little visibility on where the economy is headed and how our businesses will perform given the recession."
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