The latest newspaper to teeter to the edge of existence is the Chicago Sun-Times, which has just filed for bankruptcy, joining a half dozen other major papers:
The company has one significant creditor — the Internal Revenue
Service. The IRS has said Sun-Times Media Group owes up to $608 million
in back taxes and penalties from past business practices by its former
controlling owner, Conrad Black, now imprisoned for theft from
corporate coffers.Unlike other newspaper owners that have filed for bankruptcy
amid steep dropoffs in advertising, including Chicago-based Tribune
Co., Sun-Times Media Group has no bank debt. But its IRS debt thwarted
efforts to raise new capital.
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