LOS ANGELES (CBS/AP) — The publisher and CEO of the Los Angeles Times says unless the Tribune Co. emerges from bankruptcy protection soon it could lose its best assets to the competition.

Eddy Hartenstein testified Monday that the cloud of bankruptcy is hurting Tribune’s ability to keep and attract employees and to forge partnerships to help it compete in the rapidly changing media industry.

Hartenstein was the final Tribune witness in a hearing to determine whether a Delaware judge will approve the company’s reorganization plan.

Noteholders who have submitted their own plan will present their case later.

In addition to the L.A. Times, the Tribune owns the Chicago Tribune, other newspapers and several radio and TV stations.

It sought bankruptcy protection in 2008 after a leveraged buyout that was engineered by billionaire Sam Zell, and which an examiner said likely included fraud.

(TM and © Copyright 2010 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

Comments (3)
  1. MB man says:

    I used to be a vocal critic of the la times but I have to give the paper kudos for it’s recent investigative reporting. Bell and community college waste are two recent examples excellence by the times.

  2. Sue says:

    The Times has to decide who they actually work for – the people or the government.

  3. Joe Blow says:

    The times was purposefully destroyed by Sam Zell at the behest of their competitors.

    Get used to it. The guys Sam Zell work for never lose.

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