• 08 Dec 2008 at 12:33 PM

Cubs To The Rescue?

By Dealbreaker

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]

Comments (13)

  1. 1
    Posted by guest | December 8, 2008 at 12:34 PM

    balls

  2. 2
    Posted by american bandersnatch | December 8, 2008 at 12:34 PM

    Tribune must merge with companies that tranport coal to Newcastle and sell refrigerators to Eskimos to survive.

  3. 3
    Posted by guest | December 8, 2008 at 12:36 PM

    Hmmm-how’s MDCP done this year?

  4. 4
    Posted by guest | December 8, 2008 at 12:52 PM

    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?

  5. 5
    Posted by guest | December 8, 2008 at 1:02 PM

    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.

  6. 6
    Posted by guest | December 8, 2008 at 1:12 PM

    Looks like the curse has spread into the owners box.

  7. 7
    Posted by guest | December 8, 2008 at 1:18 PM

    @5
    They should just shut off the internet. Saves everybody. Music, Film, News, Casino’s make a killing.

  8. 8
    Posted by diablo | December 8, 2008 at 1:27 PM

    There will be a Cubs deal by Spring training. Not sure who is bidding but there are bidders.

  9. 9
    Posted by guest | December 8, 2008 at 1:48 PM

    That was fast…from “might file this week” to just filed.

  10. 10
    Posted by guest | December 8, 2008 at 2:05 PM

    Is Sidney Austin employed at Sidley Austin?

  11. 11
    Posted by guest | December 8, 2008 at 2:05 PM

    What is Sidney Austin? A misspelled LLP between the sovereign nations of Texas and Australia?

  12. 12
    Posted by guest | December 8, 2008 at 3:41 PM

    @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!

  13. 13
    Posted by Anal_yst | December 8, 2008 at 4:33 PM

    @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!

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