Owner of New York Post Files for Chapter 11 : Bankruptcy: Three of developer Peter S. Kalikow’s creditors refuse to wait on debt payments. The action will not affect the tabloid newspaper.

Peter S. Kalikow, the real estate developer who owns the New York Post newspaper, filed for personal bankruptcy protection Tuesday.

Kalikow, who blamed the recession and New York City’s hard-hit real estate market, said, “I want to make it extremely clear that this filing will not affect the operation of the New York Post, which has operated profitably since last October.” The flashy tabloid was founded by Alexander Hamilton in 1801.

Kalikow said the filing, under Chapter 11 of the U.S. Bankruptcy Code, was triggered by three creditors who refused to extend a standstill agreement not to try to collect on debts.

Although the creditors have not taken legal action, they could obtain liens against his New York properties, he said.

The bankruptcy filing is intended to “preserve the value of my estate,” he said.

Although best known as the owner of the Post, Kalikow is one of New York City’s chief developers. He owns major apartment and commercial properties, including a lavish Park Avenue office building and a hotel and office complex across from the World Trade Center in Manhattan’s financial district.

Kalikow bought the Post in 1988 after publisher Rupert Murdoch was forced to sell it because of a federal law prohibiting ownership of television stations and newspapers in the same city.

At the time, Murdoch said the newspaper had lost $150 million in the decade he owned it.

Under Kalikow’s ownership, the paper continued to take heavy losses until last September, when the developer negotiated new agreements with the unions, cutting jobs and working hours.

The paper also picked up advertising and circulation when its key rival, the Daily News, was hit late last year by a bitter five-month strike.

It has a circulation of about 575,000.

In his bankruptcy petition, the developer valued his assets at $841.4 million, including investments in various partnerships and corporations. He said that his liabilities total $350.2 million and that his net worth is $491.2 million.

Troubled companies commonly use Chapter 11 as protection from creditors while they reorganize their finances, but it can also apply to individuals whose assets exceed a certain amount.

Kalikow said his major 20 unsecured creditors include Bankers Trust New York Corp., with a claim of $46 million; Manufacturers Hanover Corp., $31.4 million; Citicorp’s Citibank, $26.1 million; European American Bank, $26 million; National Westminster Bank PLC, $15.6 million; and Hongkong & Shanghai Corp.’s Marine Midland Bank, $15.6 million.

The developer said the filing will not affect his office buildings, the Millenium Hotel to be completed in April, his restaurant and food service businesses and the vast majority of his other residential buildings.