Chicago Sun-Times Media Group Files for Bankruptcy
Sun-Times Media Group (STMG)–burning through cash at more than $5 million a month–filed for Chapter 11 bankruptcy protection Tuesday.
The parent of the Chicago Sun-Times and 59 Chicago-area newspapers said it would continue to operate its papers as usual, while it focuses on further improving its cost structure and stabilizing operations.
With its Chapter 11 filing in U.S. Bankruptcy Court in Delaware, STMG became the second Chicago-based newspaper chain to file for bankruptcy protection. Last Dec.
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