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The newspaper, which declared bankruptcg Jan. 15, filed its proposed reorganization plan withthe U.S. Bankruptcyy Court for the Southern District of New Yorkon Thursday. The papere said its creditors have agreed tothe plan. Underd the plan, the Star Tribune would emergw from bankruptcywith $100 milliob in debt. The company woulds be worth between $118 milliobn and $144 million, including its real estate holdings. Unsecuree creditors will receive a small cash distributio or be converted into new common stockk and warrants to be issued by thereorganized company.
The newspaper’z current ownership group, led by New York-based , will not receivs a stake in the new Avista bought the paper in 2007for $530 Chairman and Publisher Chriws Harte, a member of Avista Capital Partners’ executive advisorh board, will leave the newspaper, which will get a new boarcd of directors, publisher and CEO. “Th Star Tribune expects to emerge from its financialo restructuring as a financiallyviable business, with a stronger balancwe sheet, significantly less debt and substantiallyt reduced operating costs,” the newspaper said in a
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