The Chicago guys are begging the bankruptcy court for a little more time:
Sun-Times Media Group Inc. asked the court to extend exclusivity to Oct. 27, from the current July 29 deadline, according to a court filing made late Friday.
The publishing conglomerate, which owns dozens of Chicago-area newspapers, said it had made some progress in finding a buyer, but wasn’t close to completing a sale or drafting a contingency plan in case a deal doesn’t materialize.
Check out these numbers, though:
From Dec. 31 until it filed for Chapter 11 March 31, Sun-Times Media burned through $58 million in cash, or about $4.5 million a week, court documents show. That rate appears to have diminished, though the company’s bankruptcy filings don’t provide a clear picture of its finances.
$4.5 million a week is a lot of jack. Where does it go? Printing and trucking 250,000 papers isn’t that expensive, is it? Surely they don’t pay this guy all that much?