Sun-Times union says no to cuts

Chicago Sun-Times newsroom workers voted to reject contract cuts mandated by a group seeking to buy the bankrupt company, the union said.

The Chicago Newspaper Guild said the membership of the Sun-Times unit outright rejects the company’s memorandum of agreement and settlement that guts our contract and takes away most rights that protects our members.

The union said members voted 83-22 to reject the proposal.

Leader of the investment group Jim Tyree, chief executive officer of Mesirow Financial, said the offer would stand for the time being.

I’ve promised I will keep open this proposal until Sept. 29 and I’m certainly willing to do that. But I’m not willing to get into a negotiations, he said, Crain’s Chicago Business reported Wednesday.

The concessions are required by 18 separate union groups, the Chicago Tribune reported.

Sun-Times Media Chairman Jeremy Halbreich informed employees in a memo, the company will still be losing far too much money for any reasonable investor to underwrite, without the concessions.

Tyree’s group has offered $5 million in cash with the group assuming $20 million of the company’s debt.