Zell Assesses Tribune Bankruptcy

The Tribune Company recently filed for Chapter 11 bankruptcy.It holds The Los Angeles Times,The Chicago Tribune,The Baltimore Sun,several T.V. stations and the Chicago Cubs baseball team.The team wasn't included in the filing.The firm has suffered a 20% reduction in gross revenue,owner Sam Zell revealed.In the end,my responsibility is to preserve the value of the company and ensure it goes on into the future,Mr.Zell said.The company has significant positive cash flow as long as it's not making debt payments.Going forward,we now have the time to focus on consolidation,Mr.Zell asserted.