NYSE moves to suspend Tribune Company

9 December 2008

NYSE Regulation, the independent body that oversees the New York Stock Exchange, has moved to suspend trading in Tribune Company-related securities after the media group announced it is voluntarily restructuring its debt obligations under Chapter 11 bankruptcy protection.

The affected securities are the Exchangeable Subordinated Debentures due on May 15th 2029, which are exchangeable for cash based on the value of America Online - or AOL - including its common stock and the Saturn Tribune Company Debenture Backed Series 2006-1, seven per cent Class A Callable Units.

In a statement, the regulator said it will apply to the Securities and Exchange Commission to delist these securities upon completion of all relevant exchange procedures, which include the company's right to have the decision reviewed by a committee of NYSE Regulation board members.

Founded in 1874, the Tribune Company is America's biggest employee-owned media organization. It owns ten daily newspapers - including the Chicago Tribune and the Los Angeles Times - as well as 23 television stations, radio stations and websites.

The company is also the owner of the Chicago Cubs baseball team, which is not included in the Chapter 11 filing.

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