Tribune Bankruptcy: Chicago say looking at all of our options

Today the news broke that Tribune Co. are working with bankruptcy advisers thanks to struggling with debt and also has a Monday deadline on $70 million of unsecured debt.

Tribune Co. is Chicago Tribune’s parent company and they have reported that they are not immune to the declines seen industry-wide in advertising revenue. They also reported that a spokesman for Tribune Co. said “We haven’t made any decision. We’re looking at all of our options.”

It’s not as bad for Tribune Co. as it first looks; they have many ways to pay the $70 million bill on Monday but want to make sure they make the right decision. They may restructure the debt or draw on an existing line of credit, hit the read link for the full story from Chicago Tribune. This is another sign that no one is safe from the economic downturn.

Source: Read