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A $30M Deal Later, Hollinger Files For Bankruptcy

Law360 (August 2, 2007, 12:00 AM EDT) -- Toronto-based holding company Hollinger Inc. filed for bankruptcy Wednesday just after Sun-Times Media Group Inc., its most valuable asset, settled a spate of shareholder securities suits in the wake of Conrad Black's conviction.

Hollinger filed for bankruptcy in Canada with plans to restructure under the nation's Companies' Creditors Arrangement Act, which offers struggling companies the equivalent of the U.S. Bankruptcy Code's Chapter 11. It filed Chapter 15 papers in a Delaware district court seeking U.S. recognition of its bankruptcy status, too.

It also received Wednesday a...
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