I got this news from New York Times. I hope it could help you.
click here to read moreBy RICHARD PÉREZ-PEÑA
Published: December 8, 2008
The Tribune Company, the newspaper and television chain that publishes The Los Angeles Times and The Chicago Tribune, filed for bankruptcy protection on Monday.
The move came less than a year after Samuel Zell, a Chicago real estate tycoon, took control of the Tribune chain and took on $13 billion in debt that threatens to cripple it in the face of a sinking economy and a collapse in advertising.
Mr. Zell said the company had enough cash to continue operating its 12 newspapers, 23 television stations, national cable channel and assorted other media holdings, and the company insisted that the filing would have no effect on employees’ payroll and benefits, or on the vast majority of their retirement accounts.
But in light of its shrinking cash flow, Tribune decided to file for bankruptcy in a Delaware court, with the urging of some of its major creditors who met with Tribune representatives over the previous three days.