Results tagged “chapter11”

In a move that was expected, the Chicago Cubs have filed for Chapter 11 bankruptcy protection. The filing means the tam's new owners - the Ricketts family - will be protected from the Tribune Company's creditors stemming from the company's own bankruptcy filing in December 2008 (the Cubs were not included in that filing). Last week, Major League Baseball owners approved the sale of the team to the Ricketts.

After yesterday's filing for Chapter 11 bankruptcy protection, the Sun-Times Media Group tried to put a positive spin on the proceedings. Jeremy L. Halbreich, the STMG Chairman of the Board and Interim CEO, said he hopes the proceedings are all done by the end of the year and the situation will not interrupt the publication of the group's many newspapers and their corresponding websites.

The Sun-Times Media Group, owners of the Chicago Sun-Times and 58 suburban papers (and their corresponding websites), filed for Chapter 11 bankruptcy protection today, "with the aim of reorganizing operations, settling a tax liability and making the company fit for a buyer." According to Crain's, the STMG is the fifth newspaper publisher in the last few months to file for protection from creditors, joining the ranks of the Tribune Company. (Read the STMG press release here)

Chicago-based Bally Total Fitness Corp. has filed for Chapter 11 bankruptcy for the second time in a year. The company will either sell itself or reorganize. Chief Executive Michael Sheehan said in a statement:

The burden of Bally’s long-term indebtedness, coupled with the lack of refinancing options in today’s constrained credit markets, have limited our ability to restructure using out-of-court vehicles, leaving Bally with no alternative other than the actions announced today.

Bally's current debt is reported to be over $800 million with total assets of just over $400 million. The gym company has 347 locations around the country with over three million customers.