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Company Takes Break from Bankruptcy Case to Address Lawsuit

After fighting with creditors for months now, a major newspaper publisher has taken a break from its business bankruptcy proceedings to settle a lawsuit.

The suit, filed in 2008 by former employees of the organization, claims that the company violated pension law. After reviewing the terms of the settlement, two bankruptcy courts decided to grant approval.

One of the trusts targeted by the lawsuit has agreed to pay a total of $26.4 million, the company will pay $4.45 million and another trust will contribute $1 million. According to the chief restructuring officer, the terms of the settlement are ideal and will allow the company to focus on completing its bankruptcy.

When it comes to business bankruptcy, the process is not always cut and dry and can become quite complicated if people are not prepared. For this reason, people who are considering filing for Chapter 11 in Illinois should enlist the help and resources of a Chicago bankruptcy attorney from our law office. Don't wait to contact Bizar & Doyle, LLC to get help with your business bankruptcy.
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Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
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