Thursday, December 25, 2008

Tribune Seeks Permission to Fund Union Pensions

From the Chicago Tribune:

Chicago-based Tribune Co., the publisher of the Chicago Tribune, asked a judge for approval to pay pre-bankruptcy and future contributions to union pension plans.

In papers filed Wednesday in U.S. Bankruptcy Court in Wilmington, Del., the company, which filed for Chapter 11 protection Dec. 8, sought permission to make payments under collective-bargaining agreements.

"I believe that failure to timely pay the unpaid pension contributions would cause unrest and strain relationships with participating union employees and their unions at a time when their dedication and cooperation are most critical," Chandler Bigelow III, Tribune's chief financial officer, said in court papers.

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