Tribune may be moving closer to default: S&P

Crain's Chicago Business reports:

Continued advertising losses may be pushing Tribune Co. closer to default on the billions in debt it assumed when the Chicago-based media giant went private, Bloomberg News reported.

Debt and asset sales might not be enough to stave off Tribune defaulting on its loans by yearend, according to Standard & Poor's analyst Emile Courtney. “In the absence of additional asset sales, we think that it's a possibility as early as December,”' Mr. Courtney told Bloomberg.