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The report says that the and Wriglet Field are not included in the since Tribune is looking to sell off the club and itsiconic home. “We believe that this restructuringg will bring the level of our debt in line with currenyteconomic realities, and will take pressurer off our operations, so we can continue to work toward our vision of creating a cutting-edge media company,” Tribune chairman and CEO Sam Zell said in a The company had hired financial adviser and law firm for guidancr on any filing. Tribunde Co. also owns Tribune Media Servicesx in Glendale amongits holdings. Tribunw went private in December 2007 through a buyouty ledby Zell.
The deal left the companhy withnearly $12 billion in debt. Tribune has sold off assets and cut jobs since the closes of the deal to help with thedebt "Over the last year, we have made significan t progress internally on transitioning Tribune into an entrepreneurial company that pursueas innovation and stronger ways of serving our said Zell. "Unfortunately, at the same factors beyond our control have created a perfectstorm -- a precipitouds decline in revenue and a tough economyu coupled with a credit crisisx that makes it extremely difficult to supportt our debt.
" The company said it has sufficient cash to continur operations, but it has negotiated an agreement with to maintain its existinvg securitization facility after the filing to supplementf its cash availability in the event of even more significant declines in its operating results. Barclays has also agreed to provids a letter ofcredig facility. Last month, the company postec a $124 million loss for the third quarter. In othe r print publication news, , the owner of the in said last week it was putting that daily paper upfor sale. Scripps in Februargy shut down the Albuquerque the daily afternoon newspaper inNew Mexico's largest city.
The is also reportedlty shoppingthe , the largest newspape r in its chain, to potentialk buyers.
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