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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