Hollinger International Chaper 11: Flock of US newspapers sold for 5 million and debt of 15 million. Chicago Tribune

[Does not include Tribune. Fact check. Sun Times Chicago's other newspaper.]


Sold for a song, yet Chicago Sun-Times employees and reporters take pay reductions, and not sold papers
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[Dozens of newspapers included as a bonus to banker insider. Non profit should have bought these newspapers, made for a better Chicago, and stronger America. Six percent of workforce fired and compensation costs reduced 15%, prior to sale. Assets to make a 5 million pre tax profit.]

Quote, " The last bit of Black's empire, the Chicago Sun-times , has been sold for 5 million. Neat how this works -- The Chicago investor group, led by banker James Tyree, agreed to pay about $5 million in cash and assume $20 million worth of the Sun-Time’s liabilities. Tyree’s group would get the media company’s 59 newspapers and websites including the Chicago flagship tabloid paper.[...]A Stalking-Horse bid is an initial bid on a bankrupt company’s assets from an interested buyer chosen by the bankrupt company. From a pool of bidders, the bankrupt company chooses the stalking horse to make the first bid, called the lead bidder. This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company’s assets. However, it is unclear whether Sun-Times Media Group will have any other suitors, which has sought buyers for months, and has contacted more than 46 parties to gauge their interest.http://www.suntimes.comIt's clear now. The court accepted the "Stalking horse bid"

Pre sale quote, "[C]ompany is cutting pay for nonunion workers by 8 percent, indefinitely, if they make between $25,000 and $100,000. Those making over $100,000 will have their pay cut by 11 percent. The advertising sales staff is exempt, Halbreich said, because their pay has already fallen "significantly."

Quote"To slash expenses, Sun-Times fired 140 people, or 6% of its workforce, in April and said it would cut compensation costs by 15%. With more cuts, the company could perhaps generate a pretax profit of $5 million, Mr. Simonton says, suggesting a top sale price of $15 million."


http://hickeysite.blogspot.com/2009/10/james-tyrees-investment-group-get.html