Another Chicago paper files for bankruptcy

The New York Times is reporting that a second Chicago publishing company, The Sun-Times Media Group, has filed for bankruptcy protection. The company publishes Chicago Sun-Times.

From the story:

The company said it would continue to operate its newspaper and online sites white it focuses on further improving its cost structure and stabilizing operations. The company has retained Rothschild to commence a process for the sale of assets, the company said. The bankruptcy petition was filed in Delaware. 

The company reported $479 million in assets and debts of $801 million. 

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