Mark Fitzgerald breaks it down:

“So Monday’s $70 million payment is like the credit card bill appearing in the mail. You’re $5,000 in the hole, say. The minimum payment is just $30. But it makes you think, where are we going here? That’s no doubt what Sam Zell & Co. are asking themselves this morning in their Michigan Avenue tower.”

Update: Poynter has the filing itself.

Update II: A recently ex-journo weighs in at TPM: “the Chicago Tribune itself actually has pretty good cash flow (relatively speaking) and some cash reserves. In other words, this is a company that should still be leading the industry – if it weren’t for its massive, crippling debt.”