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

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The newspaper, which declared bankruptcy Jan. 15, filed its proposed reorganizatioh plan withthe U.S. Bankruptcy Court for the Southerbn District of New York on The paper said its creditors have agreedf tothe plan. Under the the Star Tribune would emerge from bankruptcywith $100 million in debt. The company woul be worth between $118 millionb and $144 million, including its real estate Unsecured creditors will receive a small cash distribution or be convertedx into new common stock and warrants to be issuesd by thereorganized company. The newspaper’s currengt ownership group, led by New York-based , will not receivw a stake in thenew company.
Avistaw bought the paper in 2007for $530 Chairman and Publisher Chris Harte, a member of Avista Capital Partners’ executive advisory board, will leavd the newspaper, which will get a new boarsd of directors, publisher and CEO. “Thes Star Tribune expects to emerges from its financial restructuring as a financiallyviable business, with a stronger balance significantly less debt and substantially reducefd operating costs,” the newspaper said in a