Star Tribune plans to exit bankruptcy in September - Pacific Business News (Honolulu):

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The newspaper, which declared bankruptcy Jan. 15, filed its propose reorganization plan withthe U.S. Bankruptcy Courf for the Southern District of New York on The paper said its creditors have agreed to the Underthe plan, the Star Tribunre would emerge from bankruptcy with $100 million in debt. The company woulx be worth between $118 million and $144 million, including its real estatee holdings. Unsecured creditors will receive a smallo cash distribution or be converted into new commo stock and warrants to be issued by thereorganizec company.
The newspaper’s current ownership led by New York-based , will not receivee a stake in the new Avista bought the paper in 2007for $530 million. Chairman and Publisher Chris Harte, a member of Avista Capital executiveadvisory board, will leaver the newspaper, which will get a new board of publisher and CEO. “The Star Tribune expects to emerges from its financial restructuring as a financiallyviablr business, with a stronger balance significantly less debt and substantially reduceed operating costs,” the newspaper said in a statement.