Lawyers: Sun-Times Chap. 11 filing could result in "restructuring or a sale"

Editor & Publisher reports that lawyers hired to manage the Sun-Times Media Group Inc. Chapter 11 bankruptcy filing say the company could ultimately be either restructured or sold. The company is the fifth newspaper publisher to file bankruptcy in the last few months. A Delaware judge approved early motions to allow the company to pay its employees and its vendors using the cash management system already in place.  

The company's problems that forced it into bankruptcy stem from roughly $600 million in back taxes and falling ad revenues. 

The Sun-Times filed for bankruptcy protection earlier this week. 

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