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NORCROSS, GA, April 16, 2013 /24-7PressRelease/ -- The Tampa bankruptcy attorneys, Clark & Washington, would like to discuss how Tribune Co. (the company that owns a network of newspapers, television stations and websites), will be affected by its recent emergence from bankruptcy. Clark & Washington's bankruptcy attorneys in Tampa note that Tribune Co. filed for Chapter 11 protection in December, 2008 and is now in the process of distributing its assets. A major part of the agreement was the company's ability to land a $1 billion loan and $300 million credit line that it can use for restructuring purposes. The last few years have allowed Tribune Co.'s owners to figure out the best course of action, which appears to be an auction of most of its assets, including the well-known television station, The Food Network, and the job search engine, CareerBuilder. Clark & Washington's Tampa bankruptcy lawyers note that whenever a multi-billion dollar company emerges from bankruptcy, it is difficult to tell exactly what will happen to its assets. Tribune Co. found itself in dire financial straits after the real estate development company, Zell, planned an expensive buyout of the firm, which ultimately caused it to spiral into debt.
Tribune Co. Plans to Give Stock, Say the Tampa bankruptcy lawyers, Clark & Washington
One major component of Tribune's emergence from bankruptcy is that it will distribute nearly $100 million in stock shares to various creditors. How valuable these shares will prove to be is currently unknown, as the restructuring process is complex and will have a major impact on the company's future direction. Clark & Washington's bankruptcy lawyers in Tampa note that Tribune Co. is in a strong position with its $4 billion worth of assets, which is why buyers are preparing for the auction game.
Clark & Washington has practiced bankruptcy law in Tampa for many years. To learn more about their services and receive a free consultation, please visit http://www.cw13fl.com.
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