LAT in Trouble…Beyond Just Being Owned By Zell

samzell144.jpgFrom Bloomberg:

June 17 (Bloomberg) — Los Angeles Times and Chicago Tribune controlling investor Sam Zell may be unable to stop the loss of advertising revenue leading him and other U.S. newspaper publishers closer to default on billions of dollars in debt.

Zell’s Tribune Co., even with attempts to shore up the company’s cash by selling assets and debt, could face default by the end of the year, Standard & Poor’s analyst Emile Courtney said on June 13 in New York. “In the absence of additional asset sales, we think that it’s a possibility as early as December,” Courtney said in a telephone interview.

We heard you can get really nice Christmas cards on…ahem…Craigslist.