Freedom Communications is expected to file for bankruptcy this week under a plan that will hand the owner of the Orange County Register and 30 other newspapers around the country to its lenders, people briefed on the matter told the New York Times.

A filing by Freedom, which could be made as soon as Tuesday, would be the latest by a newspaper publisher as the industry struggles to cope with declining advertising revenue and heavy debt loads. Several big publishers have already declared bankruptcy over the last 12 months, including Los Angeles time parent Tribune Co. and the owner of Philadelphia’s two major papers.

Freedom’s bankruptcy will probably wipe out the 45 percent equity stake held by two big private equity firms, the Blackstone Group and Providence Equity Partners, the Times sources said.

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