Ex-Chicago Sun-Times Co. Files Liquidation Plan

Law360, New York (May 16, 2011, 1:35 PM EDT) -- The former publisher of the Chicago Sun-Times and scores of other newspapers filed a Chapter 11 plan Friday in Delaware to liquidate what remains of its estate in order to pay a portion of its $289 million tax debt.

Chicago Newspaper Liquidation Corp., formerly known as Sun-Times Media Group Inc., submitted a liquidation plan that will provide meager payment of the $289 million in tax claims and wipe out unsecured creditors with roughly $190 million in claims.

The bankrupt newspaper company sold the Chicago Sun-Times, some...
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