Wednesday, September 9, 2009

Sun-Times Gets Offer of $5 Million

A Chicago investor offered $5 million to buy the publisher of the Chicago Sun-Times, in a deal that could keep the struggling tabloid in business.

Jim Tyree, chairman and chief executive of investment firm Mesirow Financial, is leading a group that pledged the sum for Sun-Times Media Group Inc. in a bankruptcy auction. Mr. Tyree's group will be the "stalking horse," or lead, bidder as the company solicits other offers. It valued its assets at $310 million as of Dec. 31.

Tyree also agreed to assume about $20 million in liabilities, Sun-Times Media Group said Tuesday. A bankruptcy court must approve the terms and outcome of the auction. [Click for MORE]

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