NEW YORK Following reports of trying to avoid this step, The Tribune Company filed for bankruptcy protection in a federal court in Delaware on Monday.
In a court filing, The New York Times reports, Tribune said it had nearly $13 billion in debt, compared to $7.6 billion in assets. "Most of that debt was taken on when Mr. [Sam]Zell acquired the company — a deal he struck using mostly borrowed money."
Heckuva job.