Tribune Co. files for bankruptcy protection

Laden with $13 billion US in debt, Tribune Co. filed for bankruptcy protection in a Delaware court on Monday.

Tribune owns the Chicago Tribune and the Los Angeles Times, plus the Chicago Cubs baseball club.

The company was taken over by real-estate mogul Sam Zell in December 2007 in a deal that relied heavily on debt.

Tribune's advertising revenue has been suffering in the U.S. economic downturn.

Business Week reported that the company has about $1 billion in interest payments due this year, and another $512 million debt payment due in June.

The chairman of the Cubs told the Chicago Tribune he expects the baseball team will be sold by spring training, which begins in mid-February and runs to early April.