Breaking News: Tribune Files for Bankruptcy

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The Chicago Tribune’s head office in Chicago. Newspaper companies across the US are closing their doors. Printers are losing money, NO ONE IS ADVERTISING and it’s Christmas.

Chicago, Ill: Now if this was the Tribune “The Toilet Paper” RAG in Nassau we would be jumping for joy, but no it was the Tribune in Chicago. Tribune Co., publisher of the Chicago Tribune and Los Angeles Times, sought bankruptcy court protection from creditors amid declines in advertising sales today.

The company, acquired last year by investor Sam Zell for $8.3 billion, listed assets of $7.6 billion and debt of $12.13 billion in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

  • Unemployment Insurance is not offered by Insurance Companies. It is run like our National Insurance except that it relates directly to jobs. If one is employed, the employee has a %-age deducted weekly from his/her wages. The employer matches that deduction and that total is forwarded to the government department responsible. When an employee is laid-off, made redundant or fired, a weekly amount is made available for that employee for a period of time. This gives the employee some funds to live on while he/she looks for a new job. I, myself would go a step further and have the union also contribute a weekly amount on behalf of its dues paying members. While this does not presently exist in the Bahamas, it should be agitated for by the workers and their unions. Because it would be offered by the government, non-union workers would be covered. Contributions would be mandatory so all could benefit. It is one of the ways our workers can survivr and pay their bills in times of crisis as now exist for those who have lost their jobs.

  • Drama King

    Man I was bugged just now when I saw that. I thought it was the Tribune here in Nassau filing for bankruptcy.

  • Wisdom

    Joe Blow, …unemployment insurance is made mandatory?
    WOW, employee that lost their job can go into a new Insurance market.
    Does this unemployment insurance coverage exist in The Bahamas yet, or that is what we call “Union” in the Bahamas?

  • Years ago when one went bankrupt one sold merchandise at a loss, closed the doors and the owner and employees were left bereft. If suppliers got 10 cents on the dollar they were lucky. Chapter 11, in the States has a new meaning. The company goes into receivership. Most employees are made redundant, they receive unemloyment insurance and look for another means of work. If there are any monies left in the coffers, the suppliers get something; but what happens to the ownwer? After things settles down he /she often buys back into the business at a discount price (usually under a different name) and it is business as usual. The 3 major car companies got a “bail-out. Had they gone into bankruptcy,a lot of jobs would be lost and the unemployment rate increased by hundreds of thousands. But it is important to understand that the employees of these car companies have unemployment insurance and a supplementary that totals 95% of their wages; paid for one year. So once again the “bail-out: is not for the ordinary Joe. The Chicago Tribune will just retool and it will be business as usual. They will have been able to get rid of their deadwood, offer lower wages and while their suppliers will demand cash on delivery, they will have redefined the business to their advantage. The Bahamian workers must demand that unemployment insurance be made manditory so they will have monies while they either find a new job or retrain in a different field. Protect yourself!