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Tribune to leave bankruptcy after 4 years

2:29 AM, Dec 31, 2012   |    comments
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CHICAGO -- Tribune Co. announced it is emerging after more than four years of bankruptcy.

Tribune said late Sunday the reorganized media company begins Monday with new ownership - the senior creditors - and a new board of directors.

"Tribune will emerge from the bankruptcy process as a multimedia company with a great mix of profitable assets, strong brands in major markets and a much-improved capital structure," said Eddy Hartenstein, Tribune's chief executive officer.

Tribune, which was founded in 1847, publishes newspapers including the Los Angeles Times and the Chicago Tribune. It also owns WGN in Chicago and 22 other television stations.

Tribune Co. sought bankruptcy protection in 2008, less than a year after billionaire developer Sam Zell led an $8 billion leveraged buyout that left the company with $13 billion in debt.

The Associated Press

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