LA Times Parent Trying to Avoid Bankruptcy

A story posted Sunday to the New York Times Web site says bankruptcy advisers have been hired by Tribune Co., the Sam-Zell-owned company that's done a great job of eliminating nearly every reason to read the Los Angeles Times. Of course, news of this effort to avoid BK didn't come from Tribune ... The NY Times attributed it to "people briefed on the matter."

Tribune has hired bankruptcy advisers as the ailing newspaper company seeks to stave off a potential bankruptcy filing, people briefed on the matter said.

The newspaper, which was taken private last year by billionaire investor Samuel Zell, has hired the investment bank Lazard and the law firm Sidley Austin, these people said. Tribune has been hobbled by debt related to that sale last year, which has been compounded by the growing drought of advertising for newspapers.

— TJ Sullivan in LA