Tribune looks at life after bankruptcy

Newspaper chain could begin to sell off assets four years after Chapter 11 proceedings.

NEW YORK — Tribune Co., owner of the Chicago Tribune, Los Angeles Times and six other daily papers, has emerged from bankruptcy, four years after a doomed leveraged buyout by billionaire Sam Zell led to Chapter 11 proceedings.

Distributions to creditors have been initiated, the Chicago-based company said Monday in a statement. As part of its exit from bankruptcy, Tribune Co. also closed on a new $1.1 billion term loan and a $300 million revolving credit line.

The company is now in a position to begin a wide-ranging sale of assets including stakes in the Food Network and CareerBuilder Inc., newspapers including the Times and the Tribune as well as real estate, said Lance Vitanza, managing director at CRT Capital Group.

“It’s all for sale,” Vitanza said. “If they reorganize around anything it will be the TV assets, but we wouldn’t be surprised if they sell those too.”

In addition to eight daily newspapers, Tribune Co. owns 23 television stations and stakes in more than 50 websites.

Peter Liguori, a Tribune Co. board member and former Fox Broadcasting Co. chairman, is expected to be the new chief executive officer when current CEO Eddy Hartenstein gives up his position after the company’s next board meeting, Vitanza said.

Tribune Co. filed for bankruptcy after Zell, a real-estate developer, orchestrated an