Sun-Times Media exclusive plan-filing, solicitation periods extended

By Caroline Salls

Pittsburgh, Nov. 23 - Sun-Times Media Group, Inc. obtained a 120-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to Feb. 24 from Oct. 27 and the solicitation period to April 29 from Dec. 30.

Since the court approved the sale of substantially all of its assets Oct. 8, the company is "in the process of determining a strategy for the orderly wind down of [its] estate" and is considering various options, including a plan of liquidation, according to the motion.

"The filing of an unconfirmable plan would just distract management and cause needless expenditure of precious estate resources," the motion stated.

Sun-Times Media is a Chicago newspaper company that filed for bankruptcy on March 31, 2009. Its Chapter 11 case number is 09-11092.

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