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
Famous quotes containing the words chapter, bankruptcy and/or protection:
“Theory may be deliberate, as in a chapter on chemistry, or it may be second nature, as in the immemorial doctrine of ordinary enduring middle-sized physical objects.”
—Willard Van Orman Quine (b. 1908)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“As Jerome expanded, its chances for the title, “the toughest little town in the West,” increased and when it was incorporated in 1899 the citizens were able to support the claim by pointing to the number of thick stone shutters on the fronts of all saloons, gambling halls, and other places of business for protection against gunfire.”
—Administration in the State of Ariz, U.S. public relief program (1935-1943)