In reading Sam Zell's mea culpa for why Tribune filed for Chapter 11, as expected, I'm reminded of an old Al Jaffee cartoon from Mad magazine, where you see a pilot coming out to tell his passengers that everything is OK, while he has a parachute strapped to his back.
By restructuring our debt, we will reduce the pressure on the company’s operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and that plays a vital role in the communities we serve.
But wait! There's more!
This filing should (my emphasis) 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 (euphemism alert!) managing costs and maximizing revenue opportunities.
Uh, oh. Cue the parachute.