The Sun-Times Media Group filed for Chapter 11 bankruptcy protection Tuesday. The Sun-Times Group runs 59 newspapers across the country, including the Chicago Sun-Times.
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.