The Chicago Tribune reports on the bankruptcy of its parent:

Chicago-based Tribune Co. had more than enough cash on hand to make a payment of $70 million due today on money borrowed before Zell's deal, but it was unable to convince lenders to embrace a broader restructuring of its debt.

Much of its debt was incurred last year when real estate magnate Sam Zell took the company private last December. It has re-paid approximately $1 billion of its senior credit facility since then. But the situation at Tribune Co., which has suffered from industry-wide declines in advertising revenue that have eroded its cash flow since the deal was done, is emblematic of the squeeze felt throughout the media business overall, and newspaper companies in particular.