From The NY Times' Dealbook: Tribune Hires Advisers, Trying To Avoid Bankruptcy

The New York Times is reporting Tribune Company, which owns the Los Angeles Times, 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. MORE>>

Mark Lacter at LAObserved has done a great job this afternoon of stringing together information from a variety of press sources. He indicates a filing may come as soon as this week.

image: The New York Times/Damian Doverganes/AP