Sun-Times declares bankruptcy

Chicago Sun-Times declared bankruptcy this morning. The Tribune is also under bankruptcy protection. Once again, it's a case of costs unrelated to operating that is driving the financial pinch. In the Sun-Times' case, it's a tax liability "dating back to previous management"; in the Tribune's, it's the huge debt Sam Zell took on in purchasing the company. Of course, the recession/depression economic pinch on advertisers along with their abandoning print has also impacted the Chicago papers. It's going to be interesting to see how it all shakes out.