Chicago Sun Times latest to file for bankruptcy

It’s now the fifth major US newspaper group to file for bankruptcy, or more accurately creditor protection. This allows the Sun Times to hold off creditors while they try to sell off assets or obtain outside funding. Either way, it’s going to mean more cutbacks and layoffs. This is what Can West Global has been trying so hard to avoid (its creditors have given it another month to come up with a plan; stay tuned.)

Associated Press/Canoe News, March 31 2009

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