In the News The New York Times

Crippled by Debt, Tribune Co. Seeks Bankruptcy Protection

"The Tribune Company, the newspaper and television chain that publishes The Los Angeles Times and The Chicago Tribune, filed for bankruptcy protection on Monday.

James H. M. Sprayregen, a bankruptcy lawyer at Kirkland & Ellis, said companies will often choose to file for bankruptcy when it becomes clear that they will eventually need protection, even if they are making their debt payments. 'It obviously wasn't an emergency or they would have filed Sunday night,' he said. 'They chose a time that was financially advantageous.' '

This article appeared in its entirety in the December 9, 2008 edition of The New York Times.