Media conglomerate Tribune Co. filed for bankruptcy protection Monday, as the owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties tries to deal with $13 billion in debt.
The Chicago Cubs and Wrigley Field are not included in the petition.
Severe reductions in advertising this year because of the recession have put pressure on the Chicago-based company. Most of its debt comes from the complex transaction in which the company was taken private by real estate mogul Sam Zell last year.
Although the next major principal payment isn't due until June, analysts say Tribune has been in danger of missing lender-imposed financial targets.
Tribune made the filing Monday in bankruptcy court in Delaware.
Source: Associated Press
