Chicago-area investor wants bidding process for Sun-Times reopened
By APWednesday, October 7, 2009
Investor wants Sun-Times bidding process reopened
CHICAGO — There’s no one else interested in buying the Chicago Sun-Times. Or is there?
A Chicago-area investor wants a bankruptcy court to reopen bidding for the parent company of the Chicago Sun-Times. He claims he was wrongly blocked from trying to fashion a proposal with unions before a Monday deadline.
No new suitors met the deadline. That left one bid from Chicago investor Jim Tyree, who wants concessions from unions.
Lisle-based equity manager Thane Ritchie says he tried to develop a bid but was told talking with unions would violate labor law.
Sun-Times Media Group general counsel James McDonough says the company encouraged new bidders and never thwarted anyone.
It hopes a judge can approve the Tyree deal Thursday.
