Chi-Town Financier Buys 'Sun-Times' Parent

An investor group led by Chicago businessman James C. Tyree entered into a “stalking horse” asset purchase agreement for the Chicago Sun-Times and its 58 community newspaper siblings, parent Sun-Times Media Group announced Tuesday evening.

Tyree is buying substantially all of Sun-Times Media Group for $5 million in cash, and will assume certain liabilities the company estimates at about $20 million.

Under this so-called “363 sale,” named for the section of the bankruptcy code, the Tyree group will not be taking ownership of Sun-Times Media Group’s biggest liability, a possible $600 million tax bill related to sales of newspapers when the company was run by convicted felon Conrad Black.

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