The Chicago Sun-Times said that a group of local investors had made a bid to buy the ailing newspaper, which filed for bankruptcy protection in March.
The Sun-Times said an investor group called STMG Holdings LLC had offered to buy the Sun-Times Media Group, which includes the flagship newspaper and its sister publications, in a deal worth about 25 million dollars.
It said the deal, which would be subject to approval by a bankruptcy court judge, would include up to five million dollars in cash while the investors would take on about 20 million dollars in liabilities.
It said the investor group was led by James Tyree of Mesirow Financial, a native Chicagoan with a reputation for turning around companies.
The Sun-Times said the investors had pledged to “pump tens of millions of dollars into the company to try to shepherd it back to profitability.”
It quoted Jeremy Halbreich, Sun-Times Media Group’s interim chief executive, as saying the company was losing between 200,000 dollars and 300,000 dollars a week.
Read More: AFP