Lee Enterprises said yesterday that it faced several potential default triggers on its debt. Lee has notified the SEC that it will delay filing its annual report until Dec. 29 as it seeks waivers from lenders on a number of issues that could lead to a default on its debt.

Lee said it needs extra time to calculate further write-downs on the value of its goodwill and intangible assets, which it expects will total at least $180 million after tax for the fourth quarter, which ended Sept. 28. Lee’s auditor, KPMG, said it will include an explanation in the company’s annual report of Lee’s “ability to continue as a going concern.”

Lee’s problems were exacerbated by the roughly $1.5 billion it borrowed to acquire Pulitzer Inc. three years ago.

To keep itself from defaulting on its debt, Lee is trying to get its creditors to waive potential violations of its lending terms. It also wants to extend or refinance $306 million of senior Pulitizer notes that are due next year. Without the waivers, Lee would face default, as the repayment schedule could be accelerated.

A default on that debt would cause a cross-default on a recently amended bank credit agreement, Lee added.

Lee chairman and CEO Mary Junck said in a statement: “Although the credit markets remain very difficult, lenders have shown a willingness to work toward acceptable solutions to help us avoid violating performance conditions in our debt agreements. Even in this recession, Lee continues to generate substantial cash flow, and we continue to believe that Lee will emerge strong when all the national economic turbulence ends.”

Lee Enterprises publishes 49 daily newspapers and more than 300 weekly newspapers and specialty publications in 23 states. Lee’s newspapers have circulation of 1.5 million daily and 1.9 million Sunday, reaching more than four million readers daily. Lee’s online sites attract 12 million unique visitors monthly. Markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Davenport, Iowa; Billings, Mont.; Bloomington, Ill., and Tucson, Ariz.