A new year means a new beginning for one of the largest media companies in America. Some of our readers may remember previous posts here detailing the long, complicated Chapter 11 bankruptcy process that Tribune Co. has been going through for the last four years. The company has spent years going through the ups and downs of the Chapter 11 process, but successfully emerged on December 31 of 2012.
Tribune Co. is not only known for owning the Chicago Tribune. Some of our California readers may know that the company also owns the Los Angeles Times, as well as multiple television stations throughout the country, including in San Diego. Tribune Co. finally made its way through its Chapter 11 reorganization, and now the company has a new board to take it in a new direction.
Although the path forward for the newly-reorganized Tribune Co. is uncertain, it is expected that the company's mix of print and television mediums will allow it to adapt to the change in the way today's society gets its news. It is also expected that the company may be broken up, with many of the assets sold off individually.
For a company facing a complex financial situation, a Chapter 11 bankruptcy can be one path by which the company can reorganize itself and survive. It should be noted that not all business bankruptcies take years of complications, like Tribune Co. experienced. However, making it through the Chapter 11 process does require a great deal of focus and planning, and any company decision-makers considering the move would be wise to gather all of the information about the process before coming to a final decision.
Source: Chicago Tribune, "Tribune Co. emerges from bankruptcy," Robert Channick, Dec. 31, 2012