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Tribune to pay back debt it took out to finance Chapter 11 bankruptcy proceeding
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CHICAGO - Tribune Co., the owner of The Chicago Tribune, the Los Angeles Times and other news outlets, said Tuesday it will pay back $170 million worth of outstanding "debtor-in-possession" debt, which it took out to pay for Chapter 11 bankruptcy proceedings.
Tribune had filed for bankruptcy protection in December because of dwindling advertising revenue and a crushing debt load of $13 billion. Much of that debt was amassed when real estate mogul Sam Zell took the company private in 2007.
The Chicago Tribune said on its Web site Tuesday the company took out $225 million of "debtor-in-possession" financing to help pay for the bankruptcy proceeding. It said the company will close out a $150 million term loan from Barclays Bank PLC and will also pay back the $20 million it has drawn down on a $75 million credit line. Both were financed by the company's accounts receivables.
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