The Chicago Tribune reports its owner Tribune Company may delay selling the Chicago Cubs because of “costly” repairs at Wrigley Field. The paper notes that the $650 million sale of Newsday eases the pressure for a quick sale to pay down debt maturing this year.
Sources involved in the bidding process said word is filtering back to those potential buyers that Tribune Co. will hold onto the team rather than sell at distressed prices if would-be buyers drop their prices too steeply in anticipation of having to pay for Wrigley Field renovations themselves.
Downgrade on the way for MBIA?
Despite analysts saying Monday that MBIA would likely keep its AAA rating despite its big first-quarter loss, ratings firm Moody’s said “not so fast” yesterday to it and competitor Ambac Financial after eyeing losses on second mortgages and home-equity lines of credit. The WSJ inside Money & Investing says that “sets up another round of scrambling for capital to preserve credit ratings and imperils their efforts to move beyond the turmoil of early this year.”