Tribune Chapter 11 Bankruptcy Filing: Includes LA Times

Just hours after we reported that Tribune Co. had called in bankruptcy advisers and were looking at their options, we now hear they have filed for Chapter 11 bankruptcy in a Delaware court.

There were other options on the table for Tribune Co. but it looks like they have gone the way that many feared. Tribune Co. have media businesses, newspapers and television stations. Businesses include the well known Chicago Tribune and Los Angeles Times, although the filing for bankruptcy protection does not include the Chicago Cubs.

Tribune Co. is in $13 billion of debt and most of this comes from a complex transaction when Sam Zell took the company private in 2007. You can read the full details in the Tribune’s press release here.