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Chicago Sun-Times collapses into a Conrad Black hole.
(From Guardian Unlimited)
The rump of Conrad Black's former newspaper empire, Sun-Times Media, filed for bankruptcy protection yesterday, citing the burden of paying the disgraced press baron's legal fees as one of its financial woes.
Previously known as Hollinger International, the Chicago-based Sun-Times group once controlled a global network of papers -- including Britain's Daily and Sunday Telegraph -- built up by Black, who ran the business until he was caught plundering money from shareholders in 2003.
The company, which owns the Chicago Sun-Times and 58 local papers, said it was struggling to cope with a slump in advert-ising on top of tax and legal liabilities -dating back to previous management.
"The significant downturn in print advertising ' has continued to severely impact us," said chairman Jeremy Halbreich. "Unfortunately, this deteriorating economic climate, coupled with a significant pending tax liability -dating back to previous management has led to today's difficult action."
Sun-Times has been struggling to settle a $600m (GBP420m) dispute with tax authorities -dating back to a period between 1996 and 2003 when Black served as chief executive. An indemnity clause guaranteeing that the company would protect its directors against legal action has also proved costly as Black and a clutch of -senior executives were convicted of fraud and jailed in 2007.
A spokeswoman for Sun-Times said that as of September, the cost of defence fees for former executives had reached $117.9m.
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