The flagship Chicago Sun-Times reported Wednesday that the concessions were approved by the Teamsters, paper handlers, pressmen and machinist unions.
Four units of the Chicago Newspaper Guild, including the largest at the Sun-Times, have rejected the contract changes and called for negotiations with Tyree's group. The bidding group had set a Tuesday deadline for concessions from all 18 unions at the Sun-Times Media Group, but the judge overseeing the chain's bankruptcy effectively voided that with comments about the bid conditions.
Tyree's bid of $5 million in cash and the assumption of more than $20 million in liabilities will be put up in a bankruptcy court auction scheduled for Oct. 7. The executive director of the Chicago Guild has said he has had off-the-record conversations with a possible second bidder for the chain of 58 Chicago-area newspapers.
Sun-Times Media Group Chairman and interim CEO Jeremy Halbreich said in a memo to employees Tuesday there is only one bidder, Tyree, at this point.
By: E&P Staff As the Tuesday deadline for labor concessions set by the Sun-Times Media Group's only public bidder slipped past, members of four unions voted to approve the pay cuts and work rule changes demanded by Chicago financier Jim Tyree's group.