Sun-Times Files for Chapter 11

This morning, CNN.com reports that the company that owns the Chicago Sun-Times and 58 other newspapers filed today for Chapter 11 bankruptcy.

The Sun-Times joins other publications currently in bankruptcy, including the Chicago Tribune, while many others are on the brink.

“The significant downturn in the print advertising environment that has affected newspapers across the country has continued to severely impact us,” said Jeremy Halbreich, chairman and interim chief executive of the Sun-Times Media Group. “Unfortunately, this deteriorating economic climate, coupled with a significant, pending IRS tax liability dating back to previous management, has led us to today’s difficult action.”

Halbreich said the company would explore the potential sale of assets or new investment in the company to help it remain viable.