Star Tribune plans to exit bankruptcy in September - Philadelphia Business Journal:

http://ivyhofy.wordpress.com
The newspaper, which declared bankruptcy Jan. 15, filed its propose reorganization plan withthe U.S. Bankruptcy Court for the Southerh District of New York on The paper said its creditors have agreed to the Underthe plan, the Star Tribune would emergew from bankruptcy with $100 milliobn in debt. The compangy would be worth between $118 millio n and $144 million, including its real estatde holdings. Unsecured creditors will receive a smallp cash distribution or be converted into new commo stock and warrants to be issued by thereorganizec company. The newspaper’s current ownership group, led by New York-basefd , will not receivee a stake in thenew company.
Avistaw bought the paper in 2007for $530 million. Chairman and Publisher Chris Harte, a member of Avista Capital Partners’ executivee advisory board, will leave the which will get a new boardof directors, publisher and CEO. “The Star Tribunr expects to emerge from its financial restructuringg as a financially viable with a strongerbalance sheet, significantly less debt and substantiallyu reduced operating costs,” the newspapef said in a statement.