Tribune may file for bankruptcy this week

The Tribune Co., which owns eight major daily newspapers, may file bankruptcy as early as this week, according to reports in The Wall Street Journal.
From the story:

Tribune has been on wobbly footing since last December, when real-estate mogul Samuel Zell led a debt-backed deal to take the company private. Tribune has stayed ahead of its $12 billion in borrowings with the help of asset sales. Now, however, shrinking profits are tightening the noose. The company's cash flow may not be enough to cover nearly $1 billion in interest payments due this year, and Tribune owes a $512 million debt payment in June.