Chapter 11 for newspapers?

Alan D. Mutter writes in his blog "Reflections of a Newsosaur" that bankruptcy court could be the next stop for some of the most precariously financed newspaper publishers.
He writes:

"As awful as the prospect sounds, it actually could be a good thing for the newspapers, because a Chapter 11 bankruptcy filing enables a struggling company to restructure its debt, streamline its business and potentially put itself on a sounder footing for the future...While Chapter 11 provides a respite for a troubled company, it is only a respite. At some point, a business either has to emerge from bankruptcy as a going concern or go down the tubes. In the latter event, everyone loses."

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