Chicago’s Sun-Times Media files for Bankruptcy
Global recession is in its worst point. If not, world renowned Chicago Sun-Times Inc., today hot headlines
with a voluntary filing of Chapter 11 bankruptcy protection. The company’s recent chairman Jeremy Halbreich remarks that its aim of filing is to reorganize its operations and settle tax liability issues thereby making their company eligible for buying.
US Bankruptcy court in Delaware today received the petition. Although the Sun Times Inc. Chairman say that it’s a tough decision but it is in the best interest of the company.
The IRS (Internal Revenue Service) is one notable creditor of Sun Times Inc. and the company owes over $600 million, especially taken by former owner Conrad Black, who is now serving jail for company theft.
Jeremy Halbreich is being approached by several potential buyers ever since he took office charge in February. The chapter 11 of Bankruptcy facilitates employees and vendors to be paid for the regular business activities. The Sun Times Inc., also presented a link to its current case on its Web site, thesuntimesgroup.com.
The bankruptcy judge has right to force the union of the company to accept the reductions in wages as well as any benefit.
