by Calculated Risk on 12/08/2008 01:52:00 PM

WSJ Headline: Tribune filed for Chapter 11 bankruptcy protection, pressured by high debts. From an earlier 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 corporate default rate will be rising ...