Reports have revealed that Tribune CO. has detailed its plans to cede control of the firm to its lenders, as the newspaper-and-television firm tries its best to end its 16 long months in bankruptcy court.

Tribune, the U. S. based newspaper and television chain that publishes The Los Angeles Times and The Chicago Tribune, has filed for bankruptcy protection on Monday.

The company became the first major newspaper or chain in several decades to seek help under Chapter 11 bankruptcy protection.

According to Wall Street Journal reports Sunday, massive debts may force the newspaper publisher and broadcaster, Tribune Co., to file for Chapter 11 bankruptcy protection as soon as this week. WSJ said Tribune has been on wobbly footing since last December, when real-estate magnate Sam Zell led a debt-backed deal to take the company private.