Bankrupt most likely. However they will still operate. The creditors will not want to take possession of the assets. They will simply reorganize. It would be nice to see them spiral into oblivion sooner rather than later.
Well, lets analyze this. We know their book value (property, plant and equipment) is almost nil. And Zell is even now trying to sell everything that ain't nailed down.
So all that's left is their ability to generate revenue from advertising. That's plummeting and will not improve, I don't care what anyone says.
There will come a point of no return where there literally won't be enough bodies to put out a paper that brings in enough revenue to meet payroll. That's when the presses won't roll.
I think we're almost there.