Can you think of a business you would prefer to be in less than newspapers? CDO marketing perhaps, but its a close tie, no? So the news that Tribune is making Chapter 11 noises comes as: a) No Surprise; b) Some Surprise; c) What Do You Mean, I Just Bought Stock.
Sam Zell looks rather glum in his hedcut next to the article bearing the news along with the hint that Sidney Austin has been retained to advise Tribune on bankruptcy, having already acquired Lazard as restructuring adviser.
The violation of covenants appear near, and the company has a $512 million debt payment due in June. Ouch. Better hurry up with that Cubs sale, Zell.
Tribune Co. Taps Lazard,Weighs Filing for Chapter 11 [The Wall Street Journal]
Posted by guest , Dec 08, 2008 12:34PM
balls
Posted by american bandersnatch , Dec 08, 2008 12:34PM
Tribune must merge with companies that tranport coal to Newcastle and sell refrigerators to Eskimos to survive.
Posted by guest , Dec 08, 2008 12:36PM
Hmmm-how's MDCP done this year?
Posted by guest , Dec 08, 2008 12:52PM
This is sad. Don't know what newpaper is actually doing well. Can any of them survive when you read the news on the net for free?
Posted by guest , Dec 08, 2008 1:02PM
Where's my newspaper bailout. Or my porn industry bailout. Or my casino bailout. Wait, all I'm getting is my Ford F-150 bailout.
We got screwed.
Posted by guest , Dec 08, 2008 1:12PM
Looks like the curse has spread into the owners box.
Posted by guest , Dec 08, 2008 1:18PM
@5
They should just shut off the internet. Saves everybody. Music, Film, News, Casino's make a killing.
Posted by diablo , Dec 08, 2008 1:27PM
There will be a Cubs deal by Spring training. Not sure who is bidding but there are bidders.
Posted by guest , Dec 08, 2008 1:48PM
That was fast...from "might file this week" to just filed.
Posted by guest , Dec 08, 2008 2:05PM
Is Sidney Austin employed at Sidley Austin?
Posted by guest , Dec 08, 2008 2:05PM
What is Sidney Austin? A misspelled LLP between the sovereign nations of Texas and Australia?
Posted by guest , Dec 08, 2008 3:41PM
@3
Are you asking EP? Ha!
Listen, MDP or someone there is not bidding for the Cubs. Muffy might be, that's why we haven't heard from her for a while. Not that we miss her at all. Stay away Muffie!
Posted by Anal_yst , Dec 08, 2008 4:33PM
@4
You've clearly missed the next logical progression: free news in the 'net needs to be shut down. This is clearly the reason newspapers are dying, because its unfair electronic publishing is cheaper, allows access to a deeper, wider range of information, doesn't bleed ink on your hands, etc, etc.
No, the Newspaper industry is not at fault here. No siree!