Sun-Times Media Group files for bankruptcy

[March 31, 2009]  NEW YORK (AP) -- The Sun-Times Media Group, owner of the Chicago Sun-Times and dozens of suburban newspapers, says it has filed for bankruptcy, making it the fifth newspaper publisher in recent months to seek protection from creditors.

The company said it filed for Chapter 11 protection in a Delaware court Tuesday. It will continue to operate its newspapers and online properties.

It retained Rothschild Inc. to help with a possible sale of assets.

"We firmly believe that filing for Chapter 11 protection and exploring the potential sale of assets or new investment in the company offers us the best opportunity to protect our respected media properties for the long-term," Jeremy Halbreich, the company's interim chief executive, said in a statement.

[Associated Press]

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