Tribune Pays Back DIP Financing

Paying Back Loan

TRIBUNE CO. is paying back the $170 million loan outstanding under the Company’s debtor-in-possession credit facility it took out with BARCLAYS BANK last DECEMBER as part of its Chapter 11 bankruptcy.  The company is paying off $150 million financed by its accounts receivable and $20 million drawn against a $75 million credit line.  The payments will reduce the amount owed by the company carrying interest rates above market rates.

'Dick Tracy' Suit Lives

In addition, the bankruptcy court in DELAWARE has ruled that WARREN BEATTY may continue his lawsuit filed five years ago in CALIFORNIA against TRIBUNE over the movie and television rights to DICK TRACY.  BEATTY sued in CALIFORNIA, and TRIBUNE, which said that the rights had reverted to TRIBUNE before BEATTY exercised his option to keep the rights, asked the DELAWARE court to intervene.  The ruling allows BEATTY to keep the case in CALIFORNIA.  TRIBUNE's newspaper syndicate, TRIBUNE MEDIA SERVICES, distributes the DICK TRACY comic strip on which BEATTY's 1990 movie was based.

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