Zell explains filing

In a memo to company employees, the Tribune CEO spins the bankruptcy filing as a positive move. He says that restructuring the debt "will reduce the pressure on the company's operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company." He also stressed that the filing "should not impact the way you do your jobs on a day-to-day basis. We will continue to operate responsibly in a challenging environment – aggressively managing costs and maximizing revenue opportunities."

You are also most likely wondering about the other aspects of your compensation. The 401(k) is unaffected by the filing, and in general, the existing benefits in the pension and cash balance plans are also unaffected by the filing. The ESOP is part of the ownership structure, so its value and role long-term will be determined in the restructuring. We believe the structure is a valuable asset to the company and that there are strong reasons to preserve it.

[CUT]

The good news is that we have great brands, and we produce great products every day. It's up to all of us to continue to focus on what it is we do best. As your Chairman and CEO, I will continue to be actively engaged in the business and I remain committed to the company, to you and to our lenders. Randy, Gerry and the rest of the management team are equally dedicated to moving this company forward.