My understanding of time in physics and thermodynamics is that time-forward is the direction in which information spreads out in space (at least on average). That is the meaning of increasing entropy. Time is not symmetrical backwards forwards, once you take into account the spatial location of information.
What this would mean is that as time passes forwards, information about other things becomes less and less accessible/available to an observer at any particular point/trajectory, because the (same amount of i.e. universally conserved) information is being diluted and mixed into more spatial locations.
"Information radiates" (at max C^2, notably!!) is pretty much the same thing as "thermodynamic entropy increases".
Couldn't the information falling into black holes just be a part of that "information becoming less and less accessible to any particular observer" trend of universal entropy increase.
Interestingly, black holes (any mass, actually) would seem to be local concentrators of information, acting in opposition to the normal tendency of information to radiate/spread with forward passage of time. Note the close relationship also of density of mass and density of local mutual information. Very interesting.