Tribune CDS Settlement

For those of you playing at home, Tribune Co. (owner of the Chicago Tribune, Chicago Cubs, Wrigley Field and other assorted media assets) filed for bankruptcy protection back in December.

The settlement auction for CDS pricing was held yesterday:

23.75 cents on the dollar for loan-only CDS (CDS on secured, syndicated loans: less general than standard CDS)

Here is the zinger: 1.5 cents on the dollar for standard CDS.

98.5% loss on debt, some business that newspaper publishing is.