Get more! Sign up for PLANSPONSOR newsletters.
Administration July 20, 2009
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.
Reported by Fred Schneyer
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.
.
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.
« Frank Puts Out Discussion Draft for House Exec. Comp. Bill