Friday, January 16, 2009

Tribune Busy on Reorganization Plan

Solvency opinion was never revealed to public

The chief financial officer for the Tribune Co. said Friday that the media company is working on a business plan that will help it emerge from bankruptcy.

"We are facing very difficult cyclical and sector pressures in our key businesses," Chandler Bigelow III said at a hearing where he fielded questions from an attorney for the bankruptcy trustee and a handful of creditors.

Bigelow and Tribune attorneys were tightlipped when asked why a second of two solvency opinions issued in connection with a 2007 leveraged buyout was hidden from the public. [Click for MORE]

> Atlanta Journal Constitution is losing $1 million a week

> 'Deep Cuts' at San Diego Union-Tribune

> Lee Enterprises Seeking Reverse Stock Split To Stay On NYSE

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