Eddy Hartenstein to Tribune Employees

From: Tribune Communications
Subject: Message from Eddy Hartenstein/Tribune Emergence from Chapter 11


Colleagues—

Tonight we issued the attached press release, announcing that Tribune will successfully emerge from the Chapter 11 reorganization process tomorrow, Dec. 31, 2012. The restructuring plan approved last July by the U.S. Bankruptcy Court for the District of Delaware will become effective at that time.
Tribune will emerge as a dynamic multi-media company with a great mix of profitable assets, powerful brands in major markets, sufficient liquidity for operations and investments and significantly less debt. In short, Tribune is far stronger than it was when we began the Chapter 11 process four years ago and, given the budget planning we’ve done, the company is well-positioned for success in 2013.

The press release also contains details about Tribune’s new Board of Directors, which will convene in the next several weeks, at which time it will define the roles of its members, its committee structure, and designate and ratify the company’s executive officers.

You can find additional information regarding our emergence and some Q&A related to employees on TribLink.

Once again, I want to thank you for your talent, effort and focus these last four years—I know it has been a challenging period. Throughout it all, you have been resilient, dedicated to serving the company, our customers and your fellow employees. You are what sets Tribune apart from our competitors.

Now, let’s get the new year off to a strong start. There is a lot of opportunity ahead.
eddy

SOURCE: LAObserved