Sun-Times deregisters class A common stock

By Lisa Kerner

Charlotte, N.C., Jan. 2 - Sun-Times Media Group, Inc. filed a form 15 with the Securities and Exchange Commission on Friday voluntarily deregistering its class A common stock.

The deregistering ends the Chicago-based newspaper company's reporting obligations under the Securities Exchange Act of 1934 and is expected to provide millions of dollars in annualized cost savings, Sun-Times said.

In November, the Sun-Times board of directors announced its intention to file a form 15. According to the board, the benefits of maintaining the class A common stock registration were far outweighed by the "burdens and costs" of compliance with certain provisions of the Sarbanes-Oxley Act of 2002.

Sun-Times said its class A common stock was previously delisted from the New York Stock Exchange in May 2008.

Once deregistration is complete, Sun-Times class A common stock will no longer be quoted on the Over-the-Counter Bulletin Board. Sun-Times said it believes the stock will be on the Pink Sheets if there are market makers for the stock.

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