The Orange County Register's parent, Freedom Communications Inc., may declare bankruptcy this week.

The Wall Street Journal stated that Freedom Communications Inc. has hit an agreement with its lenders, SunTrust, Union Bank of California and JPMorgan Chase to restructure its debts.

When contacted, a spokesman for the company said, "We are continuing to work with our lenders to address our balance sheet."

Freedom Communications Inc. owns about 8 TV stations and over 30 daily newspapers.

Freedom's lenders, which hold nearly $770 million in debt, are expected to take control of the company after it declares bankruptcy.

Earlier in 2004, Blackstone Group along with Providence Equity Partners had spent approximately $460 million to purchase a 40 per cent equity stake in Freedom.

Freedom, which is majority owned by the Hoiles family, was founded in the 1930s by R. C. Hoiles.