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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