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Chicago Tribune Company To File For Bankruptcy?

December 7, 2008

The past week has been a tough one for the newspaper industry.  The news this week of the financial turmoil for papers across the nation was upsetting for those of us who are faithful readers of the daily printed page.  Tonight comes the latest shocker….and it is a big one.  The rumor that perhaps the Tribune Company might file for bankruptcy.

Chicago Tribune parent Tribune Co.is working with bankruptcy advisers at investment bank Lazard and law firm Sidley Austin to weigh its financial options, sources said Sunday.

“It’s an uncertain and difficult environment,” Tribune Co. spokesman Gary Weitman said Sunday night. “We haven’t made any decision. We’re looking at all of our options.”

Tribune Co. has been heavily leveraged since taken private last December by billionaire investor Sam Zell, and has suffered in the interim from the industry-wide economic strain of declines in advertising revenue.

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