Chicago Sun-Times|Boards Bankruptcy Train

WILMINGTON, Del. (CN) - The Sun-Times Media Group filed for bankruptcy Tuesday, listing $479 million in assets and $801 million in debts. The publisher of the Chicago Sun-Times and dozens of Pioneer Press suburban weeklies is expected to ask employees to accept 15% salary cuts and layoffs, the Chicago Tribune reported.

The Sun-Times' finances were left in ruins by former CEO Conrad Black, who is in prison for defrauding stockholders.

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