Tribune employees and employee owners need answers to important questions.
What happens if the company is unable to secure financing for the 2nd half of the deal We're already carrying $7 billion in debt and our company is in a downward spiral. Selling the Chicago Cubs won't cover it, so what is the company's plan?
The company and its handpicked ESOP trustee agreed to extraordinary terms to secure the financing for the first half of the deal--which may not be able to be paid. It has been widely reported that the banks will be reluctant to loan Tribune the money it needs to close the deal, and if so at what new cost?. What protections (other than going to court) are in place for ESOP participants to avoid billion of dollars in further debt?
Is the Board seeking a plan B? Are other scenarios being considered to protect the long-term interests of the company, the employees or the communities we serve?
The real question is will management face its employees and shareholders and answer these important questions?
Tribune Employees Financial Protection Committee Newsletter
Tuesday, August 21, 2007
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