New Severance Plan Likely for Tribune Co.

Company won't say how many layoffs are planned

Tuesday, Feb 3, 2009  |  Updated 12:45 PM CDT
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New Severance Plan Likely for Tribune Co.

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A judge is expected to let Tribune Co. change is severance plan for non-union workers.

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It looks like Tribune Co. will get approval from a Delaware bankruptcy judge to implement a new severance plan for nonunion employees.
  
An attorney for Chicago-based Tribune refused to say how many layoffs the company is planning, or how much money the severance program might involve.
  
An attorney representing several retirees of Times Mirror, initially objected to the new severance program. Times Mirror was acquired by Tribune in 2000, and the attorney said his clients would suffer as a result of the program. On Tuesday, however, he said Tribune has addressed his concerns.
  
Tribune owns the Chicago Tribune, the Los Angeles Times, The (Baltimore) Sun, The Hartford Courant and other dailies, as well as 23 TV stations and the Chicago Cubs.
  
The company sought bankruptcy protection in December because of dwindling advertising revenues and a debt load of $13 billion.

 

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