Northern Star Online – Media conglomerate Tribune Co., smothered by $13 billion in debt and weak prospects for generating cash through advertising, on Monday became the first major newspaper publisher to seek bankruptcy protection since the Internet began siphoning readers from traditional outlets.

Although Tribune’s next major principal payment on the debt, of $593 million, isn’t due until June, has been in danger of missing lender-imposed financial targets at year’s end. Those targets are based on the level of Tribune’s debt relative to its cash flow, and become harder to meet as revenue declines, even if the debt itself doesn’t increase.

Other newspaper companies have also struggled with their debts, but many have successfully negotiated with lenders to ease their targets in exchange for higher interest rates.

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Tags: bankruptcy-code, ccc, currencies, downfall, expectation, fame, newcomers, proxy-war, s-market, slim-to-none

Sydney Morning Herald- The waste management business Transpacific has attempted to snuff out concerns about its ability to service its $2.6 billion of debts, arguing that the market has failed to recognise its "incredible cash flow" and the value of its landfill sites.

After spending six months appeasing investor concerns over the group’s debt exposure, the executive chairman, Terry Peabody, said landfill sites were "another great asset of the company that I don’t think very many people realise".

He told ABC TV’s Inside Business that Transpacific could realise up to $100 million from its 26 hectare Tullamarine tip in Melbourne, which has come to the end of its life.

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Tags: australian-hedge-funds, ccc, farmland, june-23, mapeley, newcomers, oracle