UPDATE: Tribune Co. prepares for possible bankruptcy filing

Sunday, December 7, 2008 | 11:02 p.m. CST; updated 11:13 p.m. CST, Sunday, December 7, 2008

The company that owns the Los Angeles Times, Chicago Tribune and Chicago Cubs baseball team is preparing for a possible bankruptcy filing as it attempts to renegotiate $12 billion in debt with banks and other creditors, a Tribune Co. official said Sunday.