TRIBUNE CO. FILES FOR BANKRUPTCY

Tribune Co. filed for bankruptcy protection from its creditors Monday amid declines in advertising revenue.

The company, which operates TV stations and newspapers including the Chicago Tribune and the Los Angeles Times, had $7.6 billion of assets and debt of $13 billion, according to a Chapter 11 petition filed today in U.S. Bankruptcy Court in Wilmington, Del.

The filing excludes the Cubs franchise, according to Sam Zell, Tribune's CEO.

“It has been, to say the least, the perfect storm,” Mr. Zell said in a note to employees just after the filing. “A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt.” [Click for MORE]

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> Why Tribune filed
> Court filing [PDF]
> Tribune statement
> Trib: Tribune Co. files for bankruptcy protection
> LA Times: Tribune Co. files for Chapter 11 bankruptcy protection
> Cubs say Trib's BK foray won’t delay sale — but judge could play umpire
> Zell tells employees: "I remain committed to the company, to you and to our lenders"
> Former Times Mirror execs' golden parachutes disclosed in filing
> Tribune Files for Chapter 11; Who’s on the Hook?
> Remember Mark Willes?
> But what about my stock?
> Zell explains filing
> MLB: Cubs are not part of the filing, company says in statement
> The L.A. Times's Human Wrecking Ball
> Tribune Bankruptcy: Print It
> What Tribune's bankruptcy filing could mean for California
> Zell, Who Led $8 Billion Effort to Take Media Giant Private a Year Ago, Says He Saw No Other Way Out
> Deal Journal: Was the Buyout Ever a Good Idea?
> Video: What Went Wrong for Tribune Co.


> Tribune Bankruptcy: Timeline of Company's Troubles Sphere: Related Content