[Guest post by DRJ]
The Tribune Corp filed a Chapter 11 bankruptcy today in Delaware. It reportedly has 13 billion in debt. The Chicago Cubs franchise and Wrigley Field are not included in the filing.
Kudos to Zell and his advisers for not asking for a bailout but given recent news, I bet they thought about it.
UPDATE: Near the close, the market is up over 300 but the Tribune stock is down today by 94% to around a $1 a share.