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Tribune Files for Bankruptcy
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As expected, the Tribune Co. filed for Chapter 11 bankruptcy protection today, seeking shelter from a debt load that's rumored to be as high as $12 billion. The move came after the company hired bankruptcy law firm Sidley Austin and brought in restructuring bank Lazard to help sort out its finances. Since going private last year, Tribune has been shedding assets in an effort to stay solvent -- most recently putting the company-held Chicago Cubs baseball team up for sale and auctioning off Long Island newspaper Newsday
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As expected, the Tribune Co. filed for Chapter 11 bankruptcy protection today, seeking shelter from a debt load that's rumored to be as high as $12 billion. The move came after the company hired bankruptcy law firm Sidley Austin and brought in restructuring bank Lazard to help sort out its finances. Since going private last year, Tribune has been shedding assets in an effort to stay solvent -- most recently putting the company-held Chicago Cubs baseball team up for sale and auctioning off Long Island newspaper Newsday