Sun-Times gets bidder

Sun-Times Media Group Inc. said a group led by Chicago investor James Tyree would be the lead bidder for its assets at a bankruptcy auction.

Tyree’s group, STMG Holdings LLC, bid $5 million in cash for bankrupt STMG. Tyree also offered to assume the publisher’s liabilities, estimated to total $20 million.

STMG Holdings is STMG’s so-called “stalking horse” bidder, which means it has certain protections, including break-up fees, if it does not win.

Resolution of the bid depends on the results of an auction if another bidder emerges and U.S. Bankruptcy Court approval.

STMG filed for bankruptcy protection in March. Its largest media property is the Chicago Sun-Times.