Tribune's Bankruptcy Legal Bill Almost $231 Million So Far
February 1, 2012 at 3:49 AM (PT)
The legal bill for TRIBUNE CO.'s three-year bankruptcy and related litigation has reached almost $231 million and counting, according to the company's DECEMBER monthly operating report filed with Bankruptcy Court, reports CRAIN'S CHICAGO BUSINESS.
The large figure was attributed by UNIVERSITY OF CHICAGO LAW SCHOOL professor DOUGLAS BAIRD to the case being one "where people just haven't been able to reach a deal with each other and it's been incredibly contentious." BAIRD pointed out that TRIBUNE's creditors are "distressed debt investors" who aren't as willing to negotiate as are banks.
The report, filed on JANUARY 24th, shows that net income rose for the month on a year-to-year basis from $43.3 million to $62.1 million on flat revenue of $330.6 million.