Philly the first to fall?

CFO.com is reporting that the Philly Inquirer has missed a debt payment and is working hard to restructure its debt to avoid full default. One strategy they are considering is to pay the debt in kind - that is with more debt. Kind of like paying your visa bill with your Master Card.

There's still no sign that the situation in the industry is getting any better, so the situation doesn't look good there. Debt is unforgiving. It doesn't look to me like there's much hope left there. They don't have geographical diversity or other assets they can sell off like the Tribune. Minneapolis has a similar problem and might find itself under similar scrutiny soon as well.

I feel like I'm writing an obit and should express condolences.