Ex-Chicago Sun-Times Parent Wins Ch. 11 Plan Approval

By Lance Duroni (August 18, 2011, 8:14 PM EDT) -- The former publisher of the Chicago Sun-Times and scores of other newspapers won bankruptcy court approval Wednesday for a liquidation plan that barely dents its $289 million tax debt and wipes out unsecured creditors.

U.S. Bankruptcy Judge Peter J. Walsh signed off on the Chapter 11 plan for Chicago Newspaper Liquidation Corp., formerly known as Sun-Times Media Group Inc. Judge Walsh was filling in for Judge Christopher S. Sontchi, who had presided over the case from its filing.

"The plan represents the best means of winding down the debtors' estates," the company said in a document supporting confirmation.

The bankrupt newspaper...

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