Bulletin: Tribune Company files Chapter 11


CEO Sam Zell cites a “perfect storm” that has hit Tribune Company since it was taken private a year ago, making it difficult for the company to support its debt load. The company filed today (Monday) for Federal Bankruptcy Court protection to reorganize under Chapter 11. Tribune says operations will continue normally for its newspapers and broadcasting operations. It is still seeking to sell the Chicago Cubs and Wrigley Field, which are not included in the Chapter 11 filing.