Bankrupt Newspaper Co. Misses Pension Payments

July 20, 2009 (PLANSPONSOR.com) - The bankrupt Sun-Times Media Group Inc. did not submit more than $800,000 in required quarterly contributions to five pension plans earlier this year, according to a media report.

Crain's Chicago Business said the parent company of the Chicago Sun-Times and   dozens of suburban Chicago newspapers, which filed for Chapter 11 bankruptcy protection March 31, missed the payment deadline in April.

According to the newspaper, the missed contributions include:

• $456,185 for a plan covering Chicago's newsroom employees,
• $284,581 for a plan covering Chicago office employees, and
• $63,063 for a plan covering Pioneer Newspaper employees in the suburbs.

"We have complied with all applicable laws in connection with our failure to make pension contributions," a Sun-Times spokesperson told Crain's.

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At a Bankruptcy Court hearing this week, the Chicago-based media company tabled its proposal to pay executive bonuses until the company comes closer to finding a buyer, according to the report.

Fred Schneyer
editors@plansponsor.com