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Tribune Co. files for bankruptcy protection

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Chicago—The Chicago Tribune reported Monday that its parent company, Tribune Co., has filed for Chapter 11 bankruptcy protection.

“Tribune Co. has been struggling under a $13 billion debt load since real estate magnate Sam Zell took the company private last December in an $8.2 billion leveraged buyout,” the newspaper reported. “The company faces a deadline today on $70 million of unsecured debt it took on before Zell’s deal.”

The Wall Street Journal reported Monday that Tribune Co. had “hired investment bank Lazard Ltd. as its financial adviser and law firm Sidley Austin to advise the company on a possible trip through Chapter 11 bankruptcy, people familiar with the matter say.”

Tribune Co. also owns The Los Angeles Times, Baltimore Sun, several TV stations and the Chicago Cubs Major League Baseball team.

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