Sun-Times Media Group Inc. (SUTMQ.PK) said that the U.S. Bankruptcy Court for the District of Delaware approved the sale of substantially all of the assets of Sun-Times Media Group to STMG Holdings, LLC, a private investor group led by Chicago businessman James Tyree.
The total transaction is valued at about $25 million and is expected to close by the end of October 2009. The closing remains contingent upon approvals by two of the company's 16 bargaining units of amendments to their collective bargaining agreements. Those agreements are expected to be reached in the coming days.
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