Wednesday, April 1, 2009

The Chicago media asked to acknowledge its bankruptcy.

Media Chicago Sun-Times Media Group, which owns several newspapers, including the oldest local publication Chicago Sun-Times, filed papers on the recognition of a bankrupt. This is stated in a statement posted on the website edition. The company expects that the bankruptcy proceedings will be completed by the end of 2009.
The leaders of media companies have assured that the issue Chicago Sun-Times and the work of the electronic version of the newspaper during this period will not be stopped. In addition, the company hopes that it will avoid the mass layoffs of staff.
Sun-Times Media Group expects to be able to put in order their financial affairs and find a company which is estimated at 4 million dollars, the buyer. Holding owes its primary lender - Internal Revenue Service - 608 million dollars. In doing so, the company's assets are estimated at 479 million and liabilities - of 801 million dollars.
Sun-Times Media Group sent the necessary papers to the office of the Bankruptcy Court in the State of Delaver. Sun-Times Media Group will be able to count on protection from creditors, in accordance with United States Code, Chapter 11 bankruptcy, which allows for reorganization of the debtor. Activities in this period, the holding company will oversee the trial.
Recall that in December, declared bankruptcy for the second largest in the United States publishing company Tribune, as well as Sun-Times Media Group based in Chicago.

No comments: