If creditors and United States Bankruptcy Court for the District of Delaware approve, multimedia corporation Tribune will have a plan in place that it believes will allow it to pull out of Chapter 11 protection before the year 2010 goes into the history books.
Tribune believes it will be able to sharply reduce its debt and improve operational liquidity while keeping the company intact if the plan is approved.
Chairman Sam Zell commented, “Tribune’s leadership team and employees have done an outstanding job of stabilizing and refocusing the company’s business. Today’s filing represents a significant and positive step forward for the business.”
CEO Randy Michaels added, “We continue to transform Tribune into an industry-leading media company, improving our competitive position. This Plan better positions us to continue serving our users, readers, viewers, listeners and advertisers across our media platforms and gives us an opportunity to expand our business upon emergence from a solid financial base. We’re looking forward to emerging from Chapter 11 and building on the momentum we’ve generated.”
