Tribune exits bankruptcy
Tribune Co., owner of the Chicago Tribune, Los Angeles Times and six other daily papers, emerged from bankruptcy, four years after a doomed leveraged buyout by billionaire Sam Zell led to Chapter 11 proceedings.
Distributions to creditors have been initiated, the Chicago-based company said Monday. As part of its exit from bankruptcy, Tribune Co. closed on a new $1.1 billion term loan and a $300 million revolving credit line.
The company is now in a wide-ranging sale of assets including stakes in the Food Network and CareerBuilder Inc., newspapers including the Times and the Tribune as well as real estate, said Lance Vitanza, managing director at CRT Capital Group LLC.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Operating loss widens at Highmark parent
- Consol Energy files for IPO of coal spin-off
- Conventional gas, oil drillers seek rules differing from shale industry in Pennsylvania
- U.S. Steel considers temporary shutdown of Minn. plant
- Home prices rise as supply still tight
- Pa. Gas & Electric agrees to $6.8 million settlement of polar vortex claims
- Stocks of Pittsburgh-area companies set record in March
- 6-year stock market rally still going strong, bulls say
- Pittsburgh region’s unemployment rate stays steady
- Home appraisal is below sales price — now what?
- Japan snubs China investment bank