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

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The newspaper, which declared bankruptcy Jan. 15, filedx its proposed reorganization plan withthe U.S. Bankruptcy Courty for the Southern District of New York on The paper said its creditors have agreed to the Underthe plan, the Star Tribunr would emerge from bankruptcy with $100 millionm in debt. The company would be wortg between $118 million and $144 million, including its real estate Unsecured creditors will receive a smallp cash distribution or be converted into new common stoci and warrants to be issued by the reorganized The newspaper’s current ownership led by New York-based , will not receiver a stake in the new company. Avista bought the papetr in 2007for $530 million.
Chairman and Publisher Chris Harte, a member of Avista Capital executiveadvisory board, will leave the newspaper, which will get a new boarrd of directors, publisher and CEO. “Thde Star Tribune expects to emerge from its financial restructurinf as a financiallyviable business, with a strongedr balance sheet, significantly less debt and substantially reduced operating the newspaper said in a