The deadline passed yesterday with no new bidders, which means that the only bid on the table is the $25 million bid from James Tyree (that the union flatly rejected). From today's Chicago Tribune..."If there is a union agreement, U.S. Bankruptcy Judge Christopher Sontchi will likely make short work of approving the Tyree deal at Thursday's hearing. But if the unions and management are still at odds, what happens next is not entirely clear. The judge could move to shut down the case and convert it into a Chapter 7 liquidation, bankruptcy experts said. Or that request could come from a creditor or the U.S. Bankruptcy Trustee on grounds that Sun-Times Media lacks enough cash to pay the various costs associated with liquidation, a condition known as "administrative insolvency."
Not good.
