Late last year the Tribune Company, owner of the Chicago Tribune, several other newsapers, and the Chicago Cubs, filed for bankruptcy protection.Now the Sun-Times Media Group, which owns the Chicago Sun-Times and dozens of suburban papers, has done the same thing.
The newspaper wrote that the decision to file for bankruptcy was made "with the aim of reorganizing operations, settling a tax liability and making the company fit for a buyer."
The Sun-Times retained Rothschild Inc. to help with a possible sale of assets.
Interim Chief Executive Officer Jeremy Halbreich said in a statement that filing for Chapter 11 protection offers the best opportunity to protect the company's media properties for the long-term.
He said in the Sun-Times that filing was a difficult decision but essential for the company "to re-establish itself as a self-sustaining, profitable operation. That is worth fighting for."
The Sun-Times Media Group was part of Lord Conrad Black's Hollinger empire. Black is in prison now for fraud, and one of STMG's biggest creditors is the Internal Revenue Service--it owes over $600 million in back taxes and penalties that date back to Black's reign.
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2 comments:
Yeah - it's all Lord Black's fault.
However, I have not purchased a Sun Times in three years. Me and many other 'close-knit ethnic tribal' types whom the STNG has wee-wee'd upon lo these many years.
Sales and pooooooooor product might have had a hand in the downward spiral of the Indpendent Progressive Voice of Chicago.
How could Obama let this happen? This is a Chicago newspaper.
Time for a quick pep talk and another rushed stimulus package. Hang on Sun Times help is on the way.
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