Those deals became harder to meet as revenue declined because of the poor economy and competition from the Internet. Although the Tribune Co.'s next major debt payment is not due until June, the company was in danger of missing the financial targets set by its lenders. The bankruptcy filing could give the Chicago-based company some time to press its lenders to ease their targets. To make a debt payment this year, the Tribune Co. sold the Long Island daily Newsday to Cablevision Systems Corp. for $650 million. The Tribune Co. already has made hundreds of layoffs at its papers and reduced the number of pages it puts out. "So, how did we get here? It has been, to say the least, the perfect storm," Zell, chairman and chief executive, wrote in a memo to employees. "A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted."