Chicago businessman James Tyree, chief executive officer of Mesirow Financial Inc., who submitted a $26 million bid for the company said "there is an agreement and I'm really quite happy about it," Crain's Chicago Business reported Wednesday.
Unions earlier rejected Tyree's bid, which called for temporary union concessions agreed to when the company filed for bankruptcy to be made permanent. New details of the agreement reached Wednesday were not immediately available, Crain's reported.
Hedge fund manager Thane Ritchie said he would ask unions in Chicago to help secure an extension to a court deadline on bidding, saying he had been
"wrongly blocked" from meeting with union representatives to shape a bid for the company.
Ritchie said he had planned to submit a bid that included partnering with the company's unions.
Executive director of the Chicago Newspaper Guild Thomas Thibeault said unions would not ask the courts to extend the process on Ritchie's behalf.
Sun-Times Chairman Jeremy Halbreich said there was "a long and comprehensive sale process," and that the company did not block Ritchie from meeting with union members.
Copyright 2009 by United Press International.
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