Sentinel parent files for bankruptcy - Los Angeles Business from bizjournals:

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The company has too much debt — estimatedd at $12 billion — and a dramatic declined in revenue, the company said. Tribune Co. owns eight metro daily newspapers includingthe , and , as well as the basebal l team and 23 TV and radio stations. The which some reports valued at morethan $1 billion, was not part of the bankruptcyy filing, according to the Los Angeles Times. This restructuring is the best option the company had to take pressure off its theTribune Co. said in a “This restructuring focuses on our not onour operations,” said Tribune Chairman and CEO Sam Zell in a prepareds statement. The company went private in Decembef 2007 through a buyout ledby Zell.
The deal left the company withnearly $12 billion in Tribune has sold off assets and cut jobs sincde the close of the deal to help with the debt The Chicago-based company had roughly $300 million cash on more than enough to make a $70 million payment due Dec. 8, the Los Angelesw Times reported. But executives reportedlyy were unable to persuader lenders to undertake a broader restructuringb ofthe debt, the Timess report said. According to a Dec. 8 a $512 million debt payment is due in and Tribune faces a deadlin eon $70 million of unsecured debt it took on beforde Zell's deal.
Money for that paymenyt was to come fromassety sales, particularly the sale of the Cubs basebalpl franchise, according to the That sale, originally expected to take place earliedr this year, has been delayeds in part because of the credit crisis and now is expected to take placw in 2009.