A private investor group led by Chicago banker James Tyree has offered a US$25 million bid, $5 million of which is in cash, for Chicago-based newspaper publisher Sun-Times Media Group, The Chicago Sun-Times reported Wednesday.

STMG Holdings LLC is currently under bankruptcy protection after filing for Chapter 11 in March, and the purchase would see the group take on $20 million worth of liabilities.
Tyree, chairman at Mesirow Financial Holdings, has previously said he hopes to retain the Chicago Sun-Times, the company's largest newspaper, and its other papers and their Web sites, according to The Associated Press.

Sun-Times Media Group CEO Jeremy Halbreich says the agreement is a "very positive step."
Before the sale is finalised, it must be approved by the company's unions and a bankruptcy judge.