Big news at the office...
Yep. Tribune Co., and almost all of it's subsidiaries, is filing for bankruptcy. Chapter 11 to be exact. That means we have a crapload of debt and a really poor way of managing it.
Thusly, we were given the option to file for bankruptcy or post our Q4 ad sales and have our debt to profit ration exceed the allowable limit set forth by our many creditors.
Needless to say, it has been a very busy afternoon. I'm very tired from all the conversations that I've had with vendors and contractors trying to calm them down. No one is losing their job and no one will be defaulting on payments (hopefully...), it's just a mell of a hess.
Monday, December 8, 2008
Bankruptcy...
Subscribe to:
Post Comments (Atom)
4 comments:
I saw this on the news. Glad it isn't affecting you in terms of layoffs... too bad all the vendors are annoying.
Wow, sorry that that had to happen to you right before Christmas...an already hectic time! Hopefully everything can get settled down quickly and you can still relax during the holidays.
what a pain, but just think you'll get a nice vacation soon!
I was thinking of you this morning when I heard that on the news. I'm glad to hear that your job won't be effected! What a pain!
Post a Comment