Free Republic

(Crain's) — The federal judge overseeing the Tribune Co. bankruptcy case shot down reorganization plans submitted by the Chicago-based media company and a dissident creditor group, threatening to appoint a trustee to oversee the case if they don't resolve it soon. Tribune filed for bankruptcy protection in December 2008 under the weight of $13 billion in debt, a year after the company was taken private in an $8.2-billion leveraged buyout led by real estate mogul Sam Zell, who became its chairman. In a decision that started with the parable of the scorpion that stings the fox carrying him across the...

Tribune Co. on Friday said November revenue fell 3.9 percent as advertising sales declined and publishing revenue was hurt by the impact of Hurricane Wilma in Florida. The publisher of the Los Angeles Times, Chicago Tribune and Newsday said total monthly revenue fell to $437 million from $455 million last year. Publishing revenue slid 2.7 percent to $330 million, with Hurricane Wilma contributing about $4 million of the decline. Ad revenue fell 2.4 percent to $263 million from $269 million a year earlier. Tribune said revenue from retail ads declined 3.3 percent and national ad revenue dropped 6 percent, while...