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The LAT reports that Tribune wants to restructure payments to banks and other creditors. Directors approved the filing this morning. The Chicago-based company about $300 million cash on hand. That's enough to make a $70-million payment due today, but apparently lenders were unwilling to initiate a broader restructuring.
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.