Black Press Ltd., the owner of the Honolulu Star-Bulletin, will likely record an impairment loss related to the economic and structural challenges facing its U.S. newspapers.

That's the word from Torstar Corp., the Canadian media company that owns a 19.4 percent stake in Black Press.

Torstar mentioned Black Press in reporting its fourth-quarter financial performance, saying it had a loss from investments in part because of losses at Black Press and another company.

Torstar said it was writing of a preliminary $21.8 million impairment of its investment in Black Press and that a final figure would be known in coming months. An impairment loss is a reduction on a company's balance sheet that adjusts the value of a company's goodwill.

Torstar said excluding the estimated charge, Black Press contributed a $4.5 million loss to its results in 2008.

That compared to income of $3.1 million that Black Press contributed to Torstar in 2007.