Burdened with significant debt, Tribune Company has hired bankruptcy advisers to consult on the media company’s options, reports the New York Times. The advisors include Lazard and Sidley Austin, which has long handled legal matters for Tribune.
Tribune is contending with substantial interest payments, and, as the Times reports, maintenance covenant on some debt that limits the company’s borrowings to no more than nine times earnings before interest, depreciation and amortization.
from continuing operations of $124 million last month, compared to income of $84 million in the same quarter a year ago. It cited “an exceptionally difficult financial and economic environment.” Television operating revenues were down 8% for the quarter to $264 million.