Chicago Investors Bid for Sun-Times
The group's led by Mesirow Financial's James C. Tyree
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A group of Chicago businessmen led by Mesirow Financial's James C. Tyree submitted a bid to buy the Sun-Times and its sister publications today, according to the paper.
Tyree's group, STMG Holdings LLC -- which also purportedly includes Blackhawks owner Rocky Wirtz, according to the Sun-Times -- said they'd pony up $25 million for the Sun-Times Media Group, which filed for bankruptcy protection in March.
The deal's subject to court approval, and would include up to $5 million in cash. The Tyree group would take on about $20 million in liabilities.
The bankruptcy judge must also consider competing offers, if any emerge.
The sale's also contingent upon labor groups agreeing to continue with their 15 percent wage-and-benefits cut, many of which were set to expire in the event of a sale.
Read the full details at SunTimes.com.
Posted Tuesday, Sep 8, 2009 - 6:02 PM CST
