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NEW YORK The New York Times Co. says it is in talks with lenders about debt payments coming due in the next two years, as the newspaper publisher struggles to weather continued declines in advertising sales.

The New York-based company says it will borrow up to $225 million against the value of its Manhattan headquarters to help repay debt due in May, and is evaluating assets for potential sale as it looks to boost liquidity.

"There is no doubt that 2009 will be among the most challenging years we have faced and more steps will be needed," New York Times Co. Chief Executive Janet L. Robinson said Tuesday ahead of a media conference presentation.

The newspaper industry as a whole is facing hefty debt and declining ad sales as more readers flock to the Internet. On Monday, fellow media company Tribune Co. filed for bankruptcy to cope with a crushing $13 billion in debt.