Chicago Sun-Times Circles the Drain, Marketwatch is Next?

Sun-Times Media Group Files for Voluntary Bankruptcy (Update2) - Bloomberg.com — This just keeps getting worse by the minute

Sun-Times Media Group Inc. became the second major Chicago newspaper publisher to seek bankruptcy protection as plunging advertising revenue makes debt payments more difficult.
The company, the owner of the namesake newspaper, and its principal operating subsidiary, the Sun-Times News Group, will continue to run their newspapers and online sites while they focus on further improving cost structure and stabilizing operations, the publisher said in a statement today.

Chicago Tribune owner Tribune Co. and Philadelphia Newspapers LLC, which runs the Philadelphia Inquirer, are among four other newspaper publishers to file for bankruptcy since December. Chicago is the third-largest U.S. city.