December 8, 200817 yr CHICAGO – Tribune Co., owner of the Los Angeles Times and Chicago Tribune, other newspapers and the Chicago Cubs and Wrigley Field, has hired financial advisers ahead of a possible filing for bankruptcy-court protection, according to reports on Sunday. The Chicago Tribune reported its parent hired investment bank Lazard Ltd. and law firm Sidley Austin as it considers its financial options. "It's an uncertain and difficult environment," Tribune Co. spokesman Gary Weitman said in a Chicago Tribune story published on the newspaper's Web site Sunday night. "We haven't made any decision. We're looking at all of our options." Standard & Poor's Ratings Services downgraded Tribune's debt further into junk territory last month, saying the credit crunch could delay the sale of assets — and limit the amount that the company could get for them — including the Cubs, Wrigley Field and its 25 percent interest in Comcast SportsNet Chicago. Chicago Cubs chairman Crane Kennedy said Friday that the Cubs are going over bids for the team and he expects the baseball franchise to be sold by spring training. This better not afect the Winter Classic !!!
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