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Clios File for Chapter 11: The future of the troubled Clio Awards, the “Oscars of advertising,” has grown even more uncertain as Clio Enterprises Inc. filed for Chapter 11 bankruptcy protection. The filing comes just weeks after the new Chicago-based owners of the Clios announced plans for a September competition. Chapter 11 bankruptcy protection allows companies to continue operating while they reorganize their business, but the Clios are already trying to recover from last year’s fiasco that featured the cancellation of the TV ad awards ceremony when Clio owners failed to pay their bills. The Clios brought in an estimated $2 million annually, including fees from 27,000 entries in print, radio and TV ads.