Tyree: I can save 1,200 'nicely-paying jobs' at Sun-Times

James C. Tyree, head of a group that made a bid to pay $25 million for Sun-Times Media Group Inc., the bankrupt publisher of the Chicago Sun-Times, said the offer could save 1,200 or more "nicely paying jobs" if all constituents are "on board."

"It's a good shot for all of us to save a great institution," Tyree told Bloomberg Television today.

The group has offered $5 million in cash and will assume about $20 million in liabilities, Sun-Times said this week. The offer is a so-called stalking horse agreement that is subject to competitive bidding by other parties and to court approval.

Tyree said "a difficult 30 days" lie ahead as his group attempts to get labor unions and the bankruptcy judge to accept the conditions of the offer.

"It's a tough situation," he said. "Newspapers are in a different world and we need to innovate."

The publisher filed for Chapter 11 bankruptcy court protection in March, listing $479 million in assets and $801 million in debt. Sun-Times' bankruptcy followed that of Chicago Tribune and Los Angeles Times owner Tribune Co., as plunging advertising sales made debt payments more difficult.

The case is In re Sun-Times Media Group Inc., 09-11092, U.S. Bankruptcy Court, District of Delaware (Wilmington).