The parent company of flagship Chicago Sun-Times plus dozens of suburban publications filed for bankruptcy Tuesday. And while this bankruptcy follows several other newspaper publishers,
including the parent company of rival i>Chicago Tribune, this situation is different.
The Chicago Sun-Times says it doesn't have debt to banks or bondholders. Instead, a
large reason for the bankruptcy filing is the financial ruin left by former C.E.O. Conrad Black, who is now serving prison time for defrauding stockholders.
The Chicago Sun-Times
says the company plans to continue publishing its newspapers and Web sites through the restructuring. But in a conference call with employees, chairman and interim C.E.O. Jeremy Halbreich warned that
everyone will be asked to make sacrifices to help the company survive. They all have Black -- not the economy -- to thank.
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