Sun-Times May Have Second Bidder

Unnamed investor reached out to union first, Crain's reports

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    NEWSLETTERS

    TK

    There may be a bit of competition in the bid to buy Sun-Times Media Group.

    An unnamed investor from Chicago is said to be putting a bid group together, Crain's Chicago Business is reporting.

    The information comes from Thomas J. Thibeault, the executive director for the Chicago Newspaper Guild, the union that represents the Sun-Times' journalists.

    Thibeault told Crain's on Monday that the new investor "reached out to the union first."

    There are five days to go for anyone interested in submitted a bid for the media company. So far, only Mesirow Financial's James C. Tyree has submitted a bid.

    Tyree's group, STMG Holdings LLC -- which also purportedly includes Blackhawks owner Rocky Wirtz -- said they'd pony up $25 million for the Sun-Times Media Group, which filed for bankruptcy protection in March.

    Tyree's bid calls for several concessions from the STMG's 18 unions. Five have rejected the demands and four have approved them. Seven other union groups have yet to vote the terms, Crain's reported.

    Members were asked to lock in for at least three years the temporary 15 percent wage cuts imposed this spring. Other demands included wiping out seniority rules and reducing severance guarantees.

    Sun-Times Media Chairman Jeremy Halbreich has told workers that a rejection will mean the end of the company.