Chicago-based Hollinger International, the parent company of the Chicago Sun-Times, said an investigation into alleged corporate malfeasance and the litigation it has spawned cost the company $10.1 million in 2003 and $46.3 million in the first nine months of 2004, according to the delayed annual report for 2003 that the company filed with the U.S. Securities and Exchange commission.
"The potential impact of these disputes, investigations and legal proceedings on the company's financial condition and results of operations cannot currently be estimated," the company said in the filing.
Hollinger International reported a loss of $74.3 million in 2003, according to the filing. The company also restated financial results for the years 1999 to 2002.
The company said in a written statement that it intends to file other delinquent financial reports with the SEC within the next two months.
Interim Hollinger International president and CEO Gordon Paris said Tuesday's filing represented an important step toward "normalizing" the company's activities.
By: (AP) Conrad Black's alleged corporate misdeeds have cost newspaper publisher Hollinger International Inc. more than $57 million in legal fees and other costs, according to a company filing Tuesday.