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Monday, Aug 8, 2022
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Tribune Receives $300 Million Loan

On the heels of announcing steep layoffs at the Los Angeles Times, Tribune Co. said Thursday it had arranged a $300 million bank loan with Barclays Bank, most of which would be used to pay off part of an existing loan.

The Barclays transaction was described as an “asset-backed commercial paper facility,” meaning it’s backed by accounts receivable money that Tribune is owed. The arrangement with Barclays allows Tribune to get a cash infusion pronto without having to wait for those bills to come due.

Still, it’s a sign of the cash crunch at the debt-laden Chicago-based newspaper and TV station owner. The buyout of Tribune last December by real estate mogul Sam Zell under an employee-ownership structure left the company with more than $12 billion in debt.


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Read the full Variety.com story

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