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Sunday, December 07, 2008

NYT: Tribune Co. Flirting With Bankruptcy

Cubs owner Tribune Co. has hired a bankruptcy advisor, according to multiple media reports. From the NYT story linked above:
Tribune is in danger of falling below the cash flow required under its agreement with its bondholders, but it is not clear how seriously Tribune is thinking about seeking bankruptcy protection. Analysts and bankruptcy experts say that the hiring of advisers, including Lazard and Sidley Austin, one of the company’s longtime law firms, could be a just-in-case move, or a bargaining tactic. The company would not comment on Sunday.
The Wall Street Journal story is behind the pay wall, but Mark Lacter of LA Observed says the motion to file bankruptcy could come as early as this week.

Some interesting discussion at BTF over this.

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