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Tribune Co. files for bankruptcy protection in Wilmington
Tribune Co., which owns the daily newspapers in Chicago, Los Angeles, Baltimore, Allentown, Hartford, files for protection from creditors in Wilmington federal bankruptcy court.
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