Tribune Gets $300 Million Loan To Pay Down Existing Debt

Getting some much-needed cash, Sam Zell’s Tribune has arranged a $300 million bank loan from Barclays, with the proceeds going towards debt payments. It’s basically a quick, temporary measure as the company deals with its large debt burden. The loan, made public over the holiday, is backed by Tribune’s existing accounts receivable — money it’s currently owed. In December, the company needs to make a $650 million payment on a $1.4 billion loan, according to Variety. With over $13 billion in debt, Tribune has taken to selling assets, most recently Newsday, and cost cuts, though ultimately, for Zell’s bet to work, the core business needs to change course — he can’t make it work on asset sales or financial tricks alone. Release.

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