The Wall Street Journal is reporting that the Tribune Co. may be filing as soon as this week. Tribune has confirmed that it has hired bankruptcy lawyers.
Faced with $13 billion in debt and declining ad revenue, the company (which owns The Sun, The Chicago Tribune and The Los Angeles Times) is trying to negotiate new terms with its creditors and has hired advisers for a possible bankruptcy filing, according to the New York Times. It’s one more reminder for beleaguered Sun employees that their out-of-town paymasters are on thin ice. As if they need one. A dozen Newspaper Guild members at the Sun voluntarily left and another three were laid off last month, a Sun union official said last week. Half of those “voluntary separations,” were from the newsroom, a Guild rep told The Baltimore Business Journal.