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Friday, August 20, 2010

Tribune execs' bankruptcy proceedings update

8/20/2010 2:39:25 PM

Memo to Tribune employees

From: Tribune Communications
Sent: Friday, August 20, 2010 12:55 PM
Subject: Message from Randy and Gerry/Chapter 11 Developments

Today we informed the U.S. Bankruptcy Court overseeing our Chapter 11 filing that we intend to file amendments to our plan of restructuring by next Friday, Aug. 27th. We'll also be filing a supplemental disclosure statement and a motion about procedures related to voting on the plan, and it appears that our confirmation hearing may be rescheduled to Nov. 8th.

This process is moving more slowly and has become noisier than we had hoped. In spite of the noise, you are performing exceptionally. As the Chapter 11 process moves forward, we must continue to focus on our business and our mission to provide outstanding service to our customers, advertisers and communities. Next week, we'll file our monthly operating report for July and once again, our financial results will be strong. All of our media businesses are profitable, and our creditors recognize how well we are performing. We're delivering new, creative products to the market, transforming our business, and operating more efficiently. Our strongest asset is you, and the fine work you are doing.

Thank you -- for your creativity, your innovation, your dedication. We've done a lot. We have a lot more to do. Don’t get distracted. We're on a roll, and we aren't going to slow down. Let's go!

[CEO] Randy [Michaels] and [COO] Gerry [Spector]

SOURCE: Poynter Online

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