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U.S. Sun-Times files for bankruptcy

Posted on: Tue, 31 Mar 2009 11:08:00 EDT

Symbols: SUTM

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CHICAGO, Mar 31, 2009 (Xinhua via COMTEX) --
SUTM | Quote | Chart | News | PowerRating -- The U.S. Sun-Times Media Group
Inc., struggling with declining revenues and lingering liabilities
disclosed Tuesday that it had filed for protection from creditors
under the federal bankruptcy code, Chicago's Sun Times reported.

The publishing concern emphasized that it will continue to
operate its newspapers and online sites as usual "while it focuses
on further improving its cost structure and stabilizing
operations" during its financial reorganization.

The filing comes on the heels early this year of a proxy fight
that led to the ouster of most of Sun-Times Media's former board,
and the exit of Cyrus Freidheim, the turnaround expert brought in
two years earlier to clean up the mess left after Conrad Black and
his lieutenant David Radler diverted millions of dollars' in
company revenue into their own pockets.

Black and Radler were subsequently convicted and jailed on
criminal fraud charges, but the financial fallout from their
actions was an additional burden as Sun-Times Media fought to stay
viable in a newspaper industry that has seen its century-old
financial model upended by the rise of the Internet.

Like other newspaper companies, Sun-Times has slashed
repeatedly at its staffing levels in order to reduce costs.

Jeremy Halbreich, Chairman and interim CEO of the company, said
Sun-Times executives firmly believe that filing for bangkruptcy
and exploring the potential sale of assets or new investment in
the company offers us the best opportunity to protect our
respected media properties for the long term."

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