Hope was fading last night that a white knight would materialize to bail out the struggling New York Sun, meaning today’s issue may be its last.

The 61/2-year-old paper, known for a conservative, pro-Israel editorial slant and distinguished arts and culture coverage, had never posted a profit.

It had been estimated to be losing about $1 million a month, and a souring economy and rising printing and distribution costs caused those losses to accelerate.

Its backers had initially included now imprisoned Canadian press baron Conrad Black. The most recent angel investor was venture capitalist Tom Tisch.

Seth Lipsky, the president and editor, had said that no investors other than Black had dropped out, but had indicated that they were unwilling to finance the paper at the loss levels it had sustained this year.