The Chicago Sun-Times filed for bankruptcy today, it's reporting on it's website.
The petition was filed with the U.S. Bankruptcy Court in Delaware. Chairman Jeremy Halbreich said the filing was a difficult decision but essential for the company “to re-establish itself as a self-sustaining, profitable operation. That is worth fighting for.”
The problem for the Sun-Times, like a growing number of liberal mouthpieces, is outstanding tax debt. Unbelievable. How did it reach $608 million in back taxes? Blame Conrad Black... right.
The company has one significant creditor -- the Internal Revenue Service. The IRS has said Sun-Times Media Group owes up to $608 million in back taxes and penalties from past business practices by its former controlling owner, Conrad Black, now imprisoned for theft from corporate coffers.
Where's the community sacrifice and willingness to share the social burden? None of the rest of us could have ignored those IRS letters, could we?
