Chicago—Joining a growing parade of newspaper companies filing for bankruptcy protection, the Sun-Times Media Group, publisher of the Chicago Sun-Times
and a string of local newspapers, announced Tuesday that it has filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The filing was made in the U.S. Bankruptcy Court for the District of Delaware. The company also said it has retained Rothschild Inc. to examine a sale of assets.
“Over the past several months, the company has taken several steps to reduce costs and strengthen our organization. However, the significant downturn in the print advertising environment that has affected newspapers across the country has continued to severely impact us,” Jeremy L. Halbreich, chairman-interim CEO of Sun-Times Media Group, said in a statement.