Executives, unions closer to sealing deal on sale of Chicago Sun-Times
By APWednesday, October 7, 2009
Executives, unions closer to Sun-Times sale
CHICAGO — A major roadblock in a deal to sell the Chicago Sun-Times could be removed soon.
The newspaper’s parent company says leaders of five unions that earlier rejected concessions demanded by would-be buyer Jim Tyree have now agreed with company executives to contract changes. Sun-Times spokeswoman Tammy Chase declined to provide details.
Tyree’s offer for the Sun-Times Media Group appears to be the best hope of survival for a company rapidly running out of cash. But he insists all unions agree to concessions, including pay cuts, or he’ll walk.
Rank-and-file union members must vote on Wednesday’s agreement.
Sun-Times executives want a bankruptcy judge to approve the Tyree deal Thursday. That action may depend on all unions agreeing to concessions.
