Tuesday, March 31, 2009

Chicago Sun-Times parent files for bankruptcy

Barry Artiste Op/Ed


One can only guess why Bankruptcy hit the staid Chicago Sun Times, with internet replacing paper, it may be only a matter of time before other paper based media follow in these bad economic times.






NEW YORK (Reuters) -- Chicago Sun-Times parent files for bankruptcy Chicago becomes the first U.S. city served by two insolvent newspapers. The Sun-Times Media Group, parent of the Chicago Sun-Times newspaper, filed for bankruptcy protection on Tuesday, earning Chicago the distinction of being the first U.S. city served by two insolvent newspapers.


The Sun-Times also said it hired Rothschild Inc. to try to sell some of its assets, which include 59 newspapers and their Web sites. It filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in Delaware.


It plans to operate its newspapers and Web sites while improving its cost structure and stabilizing operations. It said it has financial resources to continue daily operations.







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