Ritchie Offers Sun-Times Union and Buyer Congrats, Will Turn Sights to Other Distressed Newspaper Properties Nationally
CHICAGO, Oct. 7 /PRNewswire/ -- Thane Ritchie, founder of Ritchie Capital Management (RCM) of suburban Lisle, Illinois offered his congratulations to the Chicago Newspaper Guild and the Tyree buying group on coming together with an agreed upon plan to allow the Sun-Times publications to continue their journalistic mission to the area.
Appreciation was expressed to Guild Executive Director Tom Thibeault for arranging not only for the President of the local Union to participate, but for representation by the International Guild from Washington DC to be in attendance for the meeting today at Guild headquarters in Chicago.
"We wanted to be helpful to the unions in this process -- ultimately it is the union members that make up the heart and soul of this paper," said Thane Ritchie, after receiving word that the Guild had been able to reach a deal that it could recommend to its members tonight.
Steve Denari of Third Millennium Group strategic consultants, Ritchie's point man looking at the distressed newspaper properties nationwide added, "Everybody is a winner on this one, and we were pleased to have an unexpected chance to speak directly with the International Guild Representative about RCM's outline for a new 'coalition model' of private equity and unions."
Consulting labor counsel for Ritchie, Collins Whitfield, who set up the meeting today with Guild leadership, noted that his firm, Whitfield, McGann & Ketterman, has been asked to continue in this role as RCM reviews distressed newspaper opportunities nationwide. Ritchie stated that Denari and Whitfield would travel to Washington, looking to present the new "coalition" transaction options to the full leadership of the International Guild, though no date for this has yet been set.
"We've been asked whether we have the next newspaper candidate in sight," Thane Ritchie went on, "and I will just note that our other hometown paper, the Chicago Tribune, is also in bankruptcy -- although it isn't a union paper." To which Denari quipped, "...yet."
About Ritchie Capital:
Ritchie Capital Management, L.L.C. is a diversified alternative asset management firm established in 1997 with interests in hedge funds, private equity, venture capital, insurance, energy and real estate and with offices in Lisle, IL, New York, NY and Menlo Park, CA.
SOURCE Thane Ritchie