CHICAGO, March 12 (UPI) -- Expert witnesses at the Tribune Co.'s bankruptcy hearing in Chicago said the firm's publishing interests had dropped to $920 million in value.
The witnesses, Suneel Mandava of Lazard Ltd. and John Chachas, who left Lazard to start his own firm, said the value of the publishing division had dropped, even though the company had slowed a severe cash flow leak. The Tribune Co. had taken steps to arrest the leak "by firing people," but had not increased revenue, they said, The Chicago Tribune reported Saturday.