“So how did we get here?” Tribune Chairman Sam Zell asked rhetorically, in a memo to employees, the day after news leaked that the company was filing for bankruptcy. “The perfect storm,” he explained. Ahh, so it’s just an act of Nature! Does that mean all those Tribune workers who are not going to be receiving severance pay should just file a claim with FEMA? Read the rest of this entry »

The Wall Street Journal is reporting that the Tribune Co. may be filing as soon as this week. Tribune has confirmed that it has hired bankruptcy lawyers.
Faced with $13 billion in debt and declining ad revenue, the company (which owns The Sun, The Chicago Tribune and The Los Angeles Times) is trying to negotiate new terms with its creditors and has hired advisers for a possible bankruptcy filing, according to the New York Times. It’s one more reminder for beleaguered Sun employees that their out-of-town paymasters are on thin ice. Read the rest of this entry »