Tribune Co., the newspaper chain bought with borrowed money by real estate tycoon Sam Zell last year "for $8.3 billion, listed assets of $7.6 billion and debt of $12.9 billion in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Wilmington, Delaware. 'Factors beyond our control have created a perfect storm,' Chief Executive Officer Zell said, referring to the credit crisis, a heavy debt load and the economy." Bloomberg story from Wilmington here.

Case is In re Tribune Co. 08-13141