Tribune Co picks favourite in Chicago Cubs bidding 22/01/2009 |
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Tribune Co executives have chosen a favourite among three bids for the Chicago Cubs baseball team and have given that recommendation to the unsecured creditors committee in the company's bankruptcy case, the Chicago Tribune said, citing a source close to the situation.
The committee will review the offers and other Tribune-related business at a regularly scheduled meeting on Thursday, according to the paper.
The creditors have no official veto power over the sale of the Cubs, Wrigley Field and associated assets, the paper said.
When contacted by Reuters, a Tribune spokesman declined to comment on the report.
The final three bidding groups include Tom Ricketts, chief executive of Chicago investment bank Incapital LLC and the son of the founder of TD Ameritrade Holding Corp (AMTD.O); Marc Utay, a managing partner with New York-based private equity firm Clarion Capital Partners LLC; and Chicago real estate executive Hersh Klaff.
Marc Utay declined comment while representatives for the 2 other bidding groups and the creditors committee could not be reached for comment by Reuters.
Tribune filed for Chapter 11 bankruptcy protection in December due to its heavy debt load and the weak U.S. publishing sector. [ID:nN10311832]
The owner of the Chicago Tribune and Los Angeles Times newspapers put the Cubs on the block in April 2007, when Tribune agreed to an $8.2 billion buyout led by real estate magnate Sam Zell.
(Source: Reuters)
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