On Tuesday union members at the Chicago Sun-Times rejected the concessions proposed as part of the potential purchase of the newspapers parent company Sun-Times Media Group by local banker James Tyree, CEO of Mesirow Financial Inc., Editor & Publisher reported Wednesday.

The Chicago Newspapers Guild rejected the concessions with a vote of 83-22. Tyree has said his offer stands until Sept. 29, according to the Sun-Times.

Tom Thibeault, executive director at the guild, said the proposed concessions, "gut our contract and takes away most rights that protects our members."

The motion accompanying the rejection said the Guild is "willing to bargain with the company on provisions that would help the company survive but not willing to give up all the rights of our members."

Hours before the union meeting, Sun-Times Chariman and interim CEO Jeremy Halbreich had appealed to staff, stating:

"If you REJECT the Amendments, the Buyer will withdraw its bid to purchase our Company's assets," Halbreich wrote, according to E&P. "Consequently, all of our newspapers and Web sites will be shuttered and all 1,800 jobs across the Company will disappear." Halbreich added that if Tyree did not purchase the company, already in Chapter 11 bankruptcy reorganisation, it would likely be forced into Chapter 7 liquidation, as no other bid is likely.

However according to a report today by the Chicago Tribune, this 'no-vote' is not necessarily the end of the media company. A Sun-Times Media spokeswoman said that the company's "18 bargaining units have until Sept. 29 to approve the amendments requested by the buyer."