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CHICAGO, Apr 01, 2009 (BUSINESS WIRE) -- Sun-Times Media Group, Inc. (Pink Sheets: SUTM) today announced that it received approval from the U.S. Bankruptcy Court on all "first day" motions submitted March 31, 2009. The approval enables Sun-Times Media Group and its newspapers and their associated Web sites to continue normal business operations without interruption, including the payment of wages and benefits, subscriber and advertiser programs, and cash management matters.
"We are pleased with the court's prompt approval of our 'first day motions', which enables us to continue business as usual for our valued employees, readers, advertisers and the many communities we serve," said Jeremy L. Halbreich, Chairman of Board and Interim Chief Executive Officer of Sun-Times Media Group. "Today's approval allows us to move forward with our previously announced plans to strengthen our operations and explore new investment and the sale of assets."
Sun-Times Media Group's case has been assigned #09-11092-CSS before the Honorable Christopher S. Sontchi.
More information regarding the Chapter 11 filing including all first-day orders will be available through the "Chapter 11 Information" link at www.thesuntimesgroup.com.
About Sun-Times Media Group
Sun-Times Media Group, Inc. is dedicated to being the premier source of local news and information for the greater Chicago area. Its media properties include the Chicago Sun-Times and Suntimes.com as well as newspapers and Web sites serving more than 300 communities across Chicago. Further information, including updates about the reorganization, can be found at www.thesuntimesgroup.com.
Cautionary Statement on Forward-Looking Statements
Certain statements made in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result," "plan," or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by Sun-Times Media Group with the Securities and Exchange Commission, including in its Forms 10-K and 10-Q. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
SOURCE: Sun-Times Media Group, Inc.
Sun-Times Media Group, Inc.
Tammy Chase, Director of Corporate Communications
(312) 321-3230 or tchase@suntimes.com
Copyright Business Wire 2009
