Chapter 11 Bankruptcy Protection
After a $124 million dollar third-quarter loss, the Tribune Company filed for Chapter 11 bankruptcy protection on December 8, 2008. The company made its filing with the U.S. Bankruptcy Court for the District of Delaware, citing a debt of $13 billion and assets of $7.6 billion.
As part of its bankruptcy plan, owner Sam Zell intended to sell the Cubs to reduce debt. This sale has become linked to the corruption charges leading to the December 9, 2008, arrest of former Illinois Governor Rod Blagojevich. Specifically, the ex-governor was accused of exploiting the paper's financial trouble in an effort to have several editors fired.
Read more about this topic: Chicago Tribune
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