Chapter 11 Bankruptcy, Newspaper Industry Decline | featured news

Two large Philadelphia daily newspapers hope to emerge from bankruptcy debt-free by paying creditors $37 million in cash plus real estate to settle nearly $400 million in debt.

Philadelphia Newspapers filed its reorganization plan Thursday, six months after filing for Chapter 11 bankruptcy.
The plan gives creditors the iconic downtown building that houses The Philadelphia Inquirer and Philadelphia Daily News.

Chicago Sun-Times newsroom employees represented by the Newspaper Guild voted Tuesday night to accept a temporary 9 percent pay cut and other proposals, as parent Sun-Times Media Group operates under Chapter 11 bankruptcy protection and seeks a buyer.

The Sun-Times Media Group, owner of the Chicago Sun-Times and dozens of suburban newspapers, has filed for bankruptcy protection from creditors.