Rumblings about whether local marketing company Catalina is headed for bankruptcy have heated up.

One of the largest privately owned companies in the Tampa Bay area, Catalina is often remembered for doling out cash register coupons. Now, it uses data to help its clients turn shoppers into buyers and boost consumer loyalty.

The company has said in the past that it was working to restructure its balance sheet as it makes the transition to being more digitally focused, though it has not said anything about bankruptcy.

Bloomberg Law, however, reported in late November that executives with Checkout Holding Corp., Catalina's official corporate name, were preparing "to file for bankruptcy before the end of the year to lighten its debt load of about $1.8 billion."

The debt was "hobbling" the company's shift from providing checkout coupons to the digital age, according to the Bloomberg Law report, which cited unnamed insiders with knowledge of the matter. Catalina executives were discussing a loan of up to $200 million.

In a second report released Dec. 4, Bloomberg Law said the company was looking to secure what's called "debtor in possession" financing, a move financially distressed companies often make before filing for Chapter 11 bankruptcy. The financing can help companies reorganize during the bankruptcy process.

Reorg Research, which tracks the finances of distressed companies, released a report with similar details around the same time. Catalina, headquartered on Carillon Parkway in St. Petersburg, was contemplating financing in the "range of approximately $150 million to $200 million to support the company's ongoing operational needs during the bankruptcy proceedings," Reorg reported.

A spokesman for Catalina said company officials did not want to comment at this time.

Once publicly traded on the New York Stock Exchange, Catalina was taken private in 2007 in a $1.7 billion deal. In 2014, Boston investment firm Berkshire Partners LLC bought Catalina, which at the time employed 1,350 people. The terms were not disclosed but reports suggested the sellers were seeking $2.5 billion.

In April, Moody's Investors Services downgraded Catalina's rating thanks in part to several established U.S. brands reducing their promotional spending with Catalina.

"Though (Catalina) has been working to diversify its revenue streams across its global markets and with new products and solutions, including digital product offerings," Moody's said, "that growth has not been able to offset the material decline of in-store promotional (spending) by its U.S. Established Brands market."

In June, Andy Heyman, Catalina's CEO since 2016, resigned. Gerald "Jerry" Sokol Jr. took over in October. Sokol had been Amtrak's chief financial officer and before that the chief financial officer and then CEO of Vertis Communications, a printing and targeted direct marketing company.

When Sokol was hired, the company said in a statement:

"Catalina is undertaking a comprehensive transformation to deliver innovative marketing solutions to its customers — whether in-store, online or via mobile devices — anytime and anywhere. A turnaround expert with diverse experience transforming businesses, restructuring debt and developing entrepreneurial executives, Sokol intends to swiftly accelerate Catalina's emergence as a digital leader that sits squarely at the intersection of marketing, analytics and technology."

Contact Graham Brink at gbrink@tampabay.com. Follow @GrahamBrink.