Sunday, December 07, 2008

Wall Street Journal Says Tribune/LA Times Could Go BK - This Week!

Looks like Sam Zell and the Los Angeles Times may be headed to court...

DECEMBER 8, 2008
Tribune Co. Taps Lazard,Weighs Filing for Chapter 11
Tribune Co. is preparing for a possible filing for bankruptcy-court protection as soon as this week, according to people familiar with the matter, in another sign of trouble for the newspaper industry.

In recent days, as Tribune continued talks with lenders to restructure its debt, the newspaper-and-television concern hired Lazard Ltd. as its financial adviser, as well as legal counsel for a possible trip through bankruptcy court, according to people familiar with the matter.

A Tribune spokesman said the company doesn't comment on rumors or speculation.

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