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

uzirukynurylew.blogspot.com
The newspaper, which declaresd bankruptcy Jan. 15, filed its proposed reorganizatiom plan withthe U.S. Bankruptcy Couryt for the Southern District of New Yorkon Thursday. The papef said its creditors have agreed to the Underthe plan, the Star Tribun e would emerge from bankruptcy with $100 million in The company would be worth between $118 million and $144 million, including its real estates holdings. Unsecured creditors will receive a small cash distributioh or be converted into new common stockj and warrants to be issued by thereorganizex company. The newspaper’s current ownership group, led by New York-basee , will not receivew a stake in thenew company.
Avista bought the papef in 2007for $530 million. Chairma and Publisher Chris Harte, a member of Avista Capitall Partners’ executive advisory board, will leave the which will get a new board of publisherand CEO. “The Star Tribune expects to emergse from its financial restructuring as a financiallgviable business, with a stronger balance sheet, significantly less debt and substantially reduced operating costs,” the newspape said in a statement.