Bankruptcy judge approves Sun-Times sale

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Associated Press

Posted on October 8, 2009 at 11:03 AM

Updated Thursday, Oct 8 at 11:10 AM

WILMINGTON, Del. (AP) — A Delaware bankruptcy judge has approved the sale of the Chicago Sun-Times and other newspapers owned by its parent company.

Chicago businessman Jim Tyree leads a group that has offered to pay $5 million for the assets of the Sun-Times Media Group Inc., which includes the Chicago tabloid and more than 50 suburban publications. The investors also plan to assume about $22 million in liabilities.

The sale is still contingent on votes by two labor unions that are expected to agree to contract concessions demanded by Tyree. Other unions already have signed off.

The judge who approved the sale at a hearing Thursday declared that it was in the best interests of the company.

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