The new year represents a long-awaited new start for the Tribune Co.
The newspaper and television conglomerate emerged from bankruptcy Monday, a financially stronger version of the company that sought court protection four years ago but one that still must grapple with the challenges bedeviling traditional media in the digital age.
The exit from bankruptcy is a milestone for the parent of the Los Angeles Times and KSWB-TV Fox 5 San Diego.
The company sought Bankruptcy Court protection in December 2008 after an $8.2 billion leveraged buyout by real estate magnate Sam Zell saddled the company with $12.9 billion in total debt just as advertising revenue was collapsing.
The bankruptcy became one of the longest in U.S. corporate history, in part because of fierce infighting among the investment firms that assumed ownership of Tribune after acquiring its debt.