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Thursday April 22, 2010
The Associated Press April 17, 2010, 9:09PM ET

Stanford company to close 2 Caribbean newspapers

Two Caribbean newspapers owned by jailed Texas financier Allen Stanford were ordered closed because of financial constraints.

The Antigua Sun has operated for 13 years, and the Sun St. Kitts and Nevis nearly six years.

About 50 employees of the two newspapers received a letter Friday stating that Stanford-owned Sun Printing & Publishing "will be unable to sustain operations in the immediate future."

The letter, signed by General Manager Patrick Henry, stated that the company's directors were working with lawyers to explore possible financing options.

Last month, the Antigua Sun stopped publishing for several days as it struggled to pay its bills.

The publishing company is among several businesses owned by Stanford, who was charged in February 2009 with operating a $7 billion Ponzi scheme. He has pleaded not guilty.

Stanford provided loans to the government of Antigua and was the country's largest private employer, with businesses that included a development company, cricket stadium, an airline and two restaurants.

Most of the businesses shut down after his indictment.

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