Chapter 11 Bankruptcy Protection
After a $124 million dollar third-quarter loss, the Tribune Company filed for Chapter 11 bankruptcy protection on December 8, 2008. The company made its filing with the U.S. Bankruptcy Court for the District of Delaware, citing a debt of $13 billion and assets of $7.6 billion.
As part of its bankruptcy plan, owner Sam Zell intended to sell the Cubs to reduce debt. This sale has become linked to the corruption charges leading to the December 9, 2008, arrest of former Illinois Governor Rod Blagojevich. Specifically, the ex-governor was accused of exploiting the paper's financial trouble in an effort to have several editors fired.
Read more about this topic: Chicago Tribune
Famous quotes containing the words chapter, bankruptcy and/or protection:
“When one man dies, one chapter is not torn out of the book, but translated into a better language.”
—John Donne (c. 1572–1631)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“The protection of a ten-year-old girl from her father’s advances is a necessary condition of social order, but the protection of the father from temptation is a necessary condition of his continued social adjustment. The protections that are built up in the child against desire for the parent become the essential counterpart to the attitudes in the parent that protect the child.”
—Margaret Mead (1901–1978)