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U.S. markets recover from steep losses
CHICAGO, Aug. 4 (UPI) -- The purchase of Tribune Co. in 2007 went forward partly because participants feared backing out would lead to lawsuits, court papers filed in Chicago said.
Court examiner Kenneth Klee's report filed in the company's bankruptcy case said the two-part deal grew increasingly questionable, but went forward, anyway.
As evidence began to mount up that Tribune Co. was in losing advertising revenue, a group headed by real estate mogul Sam Zell pressed forward, taking on $13 billion of debt in the process.
The deal was structured in two parts. By the time the second part of the deal was underway, banks and Zell were increasingly concerned, but neither backed out, The Chicago Tribune reported Wednesday.
The deal hinged on a company assessment produced by a valuation firm, Valuation Research, which provided a too-rosy assessment, the court examiner said.
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