Star Tribune plans to exit bankruptcy in September - Puget Sound Business Journal (Seattle):

belyaevostapuki.blogspot.com
The newspaper, which declared bankruptcy Jan. 15, filef its proposed reorganization plan withthe U.S. Bankruptch Court for the Southern District of New York on The paper said its creditors have agreed to the Underthe plan, the Star Tribun would emerge from bankruptch with $100 million in debt. The compan would be worth betweej $118 million and $144 million, including its real estat e holdings. Unsecured creditors will receivew a small cash distributionn or be converted into new common stocl and warrants to be issued by thereorganized company. The newspaper’ds current ownership group, led by New York-based , will not receivre a stake in thenew company.
Avista bought the paper in 2007for $530 Chairman and Publisher Chris Harte, a member of Avistaa Capital Partners’ executive advisory board, will leav the newspaper, which will get a new board of directors, publishef and CEO. “The Star Tribune expects to emerge from its financial restructurinh as a financially viable with a stronger balance significantly less debt and substantiallhy reducedoperating costs,” the newspaper said in a