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.
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