Union members employed by the Chicago Sun-Times company (including 58 suburban newspapers and websites) will vote today on a set of heavy labor concessions demanded by potential buyer Jim Tyree. Tyree has offered $5 million in cash, and $20 million to cover liability costs, for the Sun-Times, which currently exists under Chapter 11, and will probably not last much longer if a buyer is not found. In exchange for his bid, Tyree has demanded a number of concessions from union members including a 15% compensation cut, much-increased management authority, and large cuts in severance funds. One small suburban side paper has already rejected the proposal and is expected to be a useful indicator for the rest of the votes. Company Chairman Jeremy Halbreich encourages workers to comply, saying the company will not last if Tyree does not invest in it.
See "Tonight's Sun-Times union vote a test of Tyree's $25 million bid", Michael Oneal & Julie Johnsson, Chicago Tribune, September 14, 2009