Tribune Co. filed for bankruptcy-court protection Monday, in a sign of worsening trouble for the newspaper industry.
On Monday, Tribune listed assets of $7.6 billion and debts of $12.9 billion. Affiliates that joined in the filing include the Los Angeles Times, Baltimore Sun and a string of TV stations, court documents say.
Tribune representatives couldn’t immediately be reached for comment. A spokeswoman for Lazard declined to comment. Representatives of Sidley Austin couldn’t be reached for comment.
Tribune’s latest actions underscore the deepening distress enveloping Tribune and other newspaper publishers. Their businesses are being battered by dwindling advertising sales, and many are carrying debt loads that are unmanageable in current market conditions. Industry insiders expect some papers will need to fold in coming months or seek protection from creditors to reorganize.
Wall Street Journal
12/8/8
Magnolia Tribune
