Tribune Co. files for bankruptcy protection

NYTimes.com | Chicago Tribune
In its court filing [PDF], Tribune reports nearly $13 billion in debt, compared to $7.6 billion in assets. Chairman Sam Zell says in a release: “Factors beyond our control have created a perfect storm – a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt.”
> Zell tells employees: “I remain committed to the company, to you and to our lenders”
> Former Times Mirror execs’ golden parachutes disclosed in filing

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