CHICAGO, March 31 (UPI) -- The Chicago Sun-Times' publisher said Tuesday that it had filed for Chapter 11 bankruptcy protection after a period of sharp declines in advertising revenue.
The filing by the Sun-Times Media Group in a U.S. Bankruptcy Court in Delaware makes the company the second major newspaper publisher to file for protection in Chicago recently. Tribune Co. filed for Chapter 11 protection in early December.
Sun-Times Media said it had enough funding to continue its operations, but needed to restructure its debts and sell various assets, MarketWatch reported Tuesday.
Sun-Times Media said it had already begun to rein in costs. But, the "deteriorating economic climate, coupled with a significant, pending IRS tax liability dating back to previous management has led us to today's action," Chairman and interim Chief Executive Officer Jeremy Halbreich said.
The Chicago Sun-Times is the flagship of a host of community newspapers the company produces.
