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.

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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.

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Read More: AFP