Tribune Making Payment on DIP Loan

By: E&P Staff

The Tribune Co. is paying back $170 million of the remaining amount of its debtor-in-possession (DIP) loan issued by Barclays Bank.

The company received $225 million in DIP financing when it filed for Chapter 11 in December 2008. The Chicago Tribune’s Michael Oneal reported that the company is trying to get out from under interest expense on “above market rate loans.” The company now has about $750 million in its coffers, not including the cash from the sale of the Chicago Cubs.

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