Tribune Company, owner of major newspapers such as the Chicago Tribune, Los Angeles Times, The Sun, Orlando Sentinel and the Morning Call, filed for bankruptcy in the United States Bankruptcy Court, District of Delaware, on December 8, 2008. As reflected in the Tribune Company’s Bankruptcy Affidavit, Tribune is the largest employee-owned media and entertainment company in the United States with its newspapers reaching 80% of the households throughout the country. Tribune publishes 8 "major market daily newspapers" and operates television stations in 19 markets, 7 of which are in the 10 largest television markets in the United States.
Although Tribune’s operations are impressive, the financial data released in its Affidavit and Chapter 11 Bankruptcy Petition show the enormity of this bankruptcy proceeding. According to documents filed with the Court, the "Tribune entities" have $7.6 billion in total assets and $13.9 billion in total liabilities. Tribune’s List of Thirty Largest Unsecured Creditors, included in its bankruptcy petition, states that JP Morgan Chase Bank, as agent for various lenders, holds a claim for $8.5 billion.