“So how did we get here?” Tribune Chairman Sam Zell asked rhetorically, in a memo to employees, the day after news leaked that the company was filing for bankruptcy. “The perfect storm,” he explained. Ahh, so it’s just an act of Nature! Does that mean all those Tribune workers who are not going to be receiving severance pay should just file a claim with FEMA?
“Precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt,” Zell’s memo said. “All of our major advertising categories have been dramatically impacted.”

Sun employees past and present are still reeling. In mere hours, the story went from “flirting with bankruptcy” to today “filed for bankruptcy protection in a federal court in Delaware”). Sun folks are understandably worried that their pensions are as secure as Bethlehem Steel workers’ were(n’t.)

Tribune, meanwhile, isn’t commenting on a report in the Washington Post that severance pay is kaput. According to the updated story :

“As part of the bankruptcy proceedings, Tribune will cease all severance payments and deferred compensation to employees who have been laid off since Zell’s takeover of the company, according to an internal document sent to Tribune employees today.”

Here’s what they said in a company Q&A about other concerns. Would you find this reassuring?

“Are our 2009 medical/dental/vision benefits going to change? We don’t anticipate any changes to the new plans that were announced during open enrollment for 2009.
“What about my 401(k)? Your retirement cash balance account and 401(k) accounts are unaffected by the Chapter 11 filing.
“What happens to our pension and cash balance accounts? In general (emphasis ours), the existing benefits in the pension and cash balance plans are unaffected by the filing. All pension benefits provided by the traditional qualified pension plans of Tribune Company and its subsidiaries, which provide benefits to virtually all current non-union employees and many former employees, are protected in the bankruptcy proceedings.”