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Tribune Company files for bankruptcy
by wsws (reposted)
On Monday, December 8, the Tribune Company, which employs about 16,000 workers, became the first major news company to file for Chapter 11 bankruptcy protection in the current economic downturn. The filing, which threatens the jobs, wages and pensions of thousands of workers, allows the company to stop paying interest on its $12.9 billion in debt and enter into debt restructuring negotiations with its creditors. The bankruptcy filing lists the company’s assets at $7.6 billion

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