Tribune Debt Plummets 94% In Wall Street Trading

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By: Mark Fitzgerald Tribune Co.'s publicly traded debt plummeted more than 94% on the New York Stock Exchange Monday afternoon as investors learned the Chicago media giant had filed for Chapter 11 bankruptcy protection.

Tribune subordinated debentures due 2029 (NYSE: TXA) opened at $17.26 -- and plunged around 2 p.m. EST as word of the bankrutpcy petition broke. The debt TXA closed at $1.07, down $16.92. The volume of 635,256 was more than five time normal.

For more details of Tribune's publicly traded debt, and the newspaper sector in Monday's trading check out E&P's business-oriented blog at Fitz & Jen blog.

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