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Tribune Files for Chapter 11 Bankruptcy Protection

Posted by nbk75dq 1261 days ago, popular 1261 days ago (http://simple-trading-system.blogspot.com)
Category: Business | Tags: bankruptcy cubs newspapers tribune zell
Billionaire Sam Zell took the Tribune (parent to the Chicago Tribune, Chicago Cubs, WGN TV/radio, and the L.A. Times) private last December in a leveraged buy out.
This week, the Tribune filed for bankruptcy. Due to a significant drop in revenue, the Tribune could no longer manage its massive debt load.
Zell should get his money back because he converted his investment into debt. His "co-owners", the employees, might not be so lucky. Their ESOP (Employee Stock Ownership Plan) can be wiped out.
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