Deadline passes -- No new bidders for Sun-Times

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Posted by chicagomedia.org on October 06, 2009 at 12:13:56:

Sun-Times sees no other suitors

Oct. 05, 2009

(AP) - No one else has stepped forward with offers to buy the bankrupt Chicago Sun-Times.

The chairman of the newspaper's parent company, Jeremy Halbreich, says a 5 p.m. Monday deadline came and went with no new bids. That leaves just one offer still on the table for the storied newspaper that's rapidly running out of cash to stay in business.

The standing offer for the parent company, the Sun-Times Media Group, is from hometown investor James C. Tyree. He insists workers agree to concessions before he'll seal the deal that could be the paper's last chance of survival. Several have already rebuffed him.

The Tyree-led group has offered to pay $5 million for assets of the parent company. They'd also assume about $22 million in liabilities.

Follow Ups:

Sun-Times union takes Tyree deal chicagomedia.org 22:02:33 10/07/09 (1)
- Bankruptcy judge approves Sun-Times Media sale chicagomedia.org 19:12:48 10/08/09 (0)
Re: Deadline passes -- No new bidders for Sun-Times just a listener 12:14:31 10/06/09 (0)

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: Sun-Times sees no other suitors : Oct. 05, 2009 : (AP) - No one else has stepped forward with offers to buy the bankrupt Chicago Sun-Times. : The chairman of the newspaper's parent company, Jeremy Halbreich, says a 5 p.m. Monday deadline came and went with no new bids. That leaves just one offer still on the table for the storied newspaper that's rapidly running out of cash to stay in business. : The standing offer for the parent company, the Sun-Times Media Group, is from hometown investor James C. Tyree. He insists workers agree to concessions before he'll seal the deal that could be the paper's last chance of survival. Several have already rebuffed him. : The Tyree-led group has offered to pay $5 million for assets of the parent company. They'd also assume about $22 million in liabilities.

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