Courtesy of Citybizlist – At the end of 2007, real estate tycoon Sam Zell took control of Tribune Co. in a deal that promised to re-energize the media conglomerate. But the company, which owns The Baltimore Sun, struggled under the huge debt burden the deal created, and less than a year later, it filed for bankruptcy.
One of Chicago’s most iconic companies — parent to the Chicago Tribune — was propelled into a protracted and in many ways unprecedented odyssey through Chapter 11 reorganization.
On Dec. 31, after four years, Tribune Co. finally emerged from court protection under new ownership, but at a heavy cost. The company’s value was diminished, its reputation was tarnished and its ability to respond to market opportunities during its long bankruptcy was constrained.
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