NY Times getting closer, closer ....

Come on, drop dead already. You're standing in the way of progress.

As The New York Times Co. tries to bask in the glory of having bagged five Pulitzers, the company is facing a cash crunch that could put it on the path toward insolvency.

According to its first-quarter earnings report, the Times said it had cash and cash equivalents totaling $294 million.

However, $260 million of that is earmarked to pay off debt that matures in March 2010, effectively leaving the company with $34 million.

That's a particularly precarious position to be in, given the Gray Lady posted a wider-than-expected, first-quarter loss of $74.5 million amid worsening advertising declines, and is scrambling to raise cash as it labors under a $1.3 billion debt load.