Carnage of newspaper companies continues. Sun-times media, publisher of Chicago Sun-Times, is filing for bankruptcy.
CHICAGO, Mar 31, 2009 (BUSINESS WIRE) — Sun-Times Media Group, Inc. (Pink Sheets:SUTM) today announced that it and certain affiliates (the “Company”) filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The filing was made earlier today in the U.S. Bankruptcy Court for the District of Delaware.
The Company and its principal operating subsidiary, the Sun-Times News Group, will continue to operate its newspapers and online sites as usual while it focuses on further improving its cost structure and stabilizing operations. The Company has retained Rothschild Inc. to commence a process for the sale of assets pursuant to Section 363 of the U.S. Bankruptcy Code. The Company believes it has sufficient financial resources to continue customary day-to-day operations during this process.
The Company operates 59 newspapers and their corresponding online sites. Those titles include: the Chicago Sun-Times, the SouthtownStar, Beacon News (Aurora), Courier-News (Elgin), Herald News (Joliet), Lake County News-Sun (Waukegan), Naperville Sun, Post-Tribune(Merrillville, Ind.), and weeklies published by Pioneer Press and Fox Valley Publications. The Company also publishes free shoppers and content on all of its corresponding online news sites and other sites such as YourSeason.com.