The company is now looking at either selling some of its assets or trying to secure new investments, its chairman indicates. Sun-Times does have enough resources to keep operating normally during its restructuring, he says. The process is expected to be completed before the end of the year.

Tribune Company, owner of the Los Angeles Times and the Chicago Tribune, filed for Chapter 11 protection last December. Numerous other media ownership groups have conducted layoffs and other cutbacks over the past months to try to deal with slumping advertising sales.

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The Sun-Times Media Group will close 12 weekly newspapers in Chicago as a push to save money in the difficult economic climate.

The newspapers to close are the Algonquin Countryside, Arlington Heights Post, Cary-Grove Countryside, Des Plaines Times, Elk Grove Times, Hoffman Estates Review, Mount Prospect Times, Niles Herald Spectator, Palatine Countryside, Proviso Herald, Rolling Meadows Review and Wheeling Countryside.

The group will also lay off 15 employees from its flagship Chicago Sun-Times, and cut wages for remaining staff by 7%.

The Sun-Times Media Group reported a $168 million loss in the third quarter. According to the Chicago Tribune, the closings and the 7% compensation cut will help the company save $50 million for 2009.

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The New York Times owned Boston Globe has cut 42 jobs, mostly managers in advertising, circulation and marketing reports AP.

The layoffs announced Thursday do not include any newsroom positions. The new cuts follow on from 48 jobs cut earlier this year.

The Chicago based Sun-Times Media Group reported a lost $168.8 million in its third quarter as revenue sank due to the economic crisis, reports Chicago Business.

Ad sales dropped 19% in the quarter. The company plans to cut $45 million to $55 million in expenses over the next nine months to survive in the meantime.

The New York Times must deliver $400 million to lenders in May of 2009 but only has $46 million cash on hand, according to Silicon Alley Insider.

The Times does have access to a $366 million short-term credit line but has not yet drawn this cash down, and may not be able to do so. The company has been shut out of the commercial borrowing market after its credit rating recently dropped to junk status.

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