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Cubs To The Rescue?

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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]



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