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Sun-Times Media Group Inc.
Headlining a day dominated by businesses with problems, Sun-Times Media Group said it is considering a sale of its assets including its flagship, the Chicago Sun-Times, and about 100 Chicago-area dailies and community papers. The Chicago media company is under pressure from investors and suffering a decline in advertising and revenue at its newspapers. Its shares have lost about 80% of their value in 10 months, leaving it with a market cap of about $111 million.
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Sirva Inc.
Meanwhile, in bankruptcy news, Sirva., the parent of Allied Van Lines, filed for bankruptcy protection on Tuesday after struggling with too much debt in the U.S. housing downturn. Westmont, Ill.-based Sirva is 32.7% owned by private equity shop Clayton, Dubilier & Rice Inc.
Salander-O'Reilly Galleries LLC
A bankruptcy judge granted creditors in collapsed Salander-O'Reilly Galleries the right to prosecute claims on behalf of the ritzy art dealer's estate.
Suniva
And in venture capital funding, Atlanta-based solar cell maker Suniva is expected to announce Tuesday it has received $50 million in funding led by New Enterprise Associates, Goldman Sachs Group Inc. and others. The company will use the money to build a manufacturing plant.
- The editors
