Minnesota's largest newspaper Star Tribune preparing to emerge from bankruptcy protection, actively seeking new publisher
Sandy Yang
MINNEAPOLIS
,
September 28, 2009
(Associated Press)
–
The Star Tribune is preparing to emerge from bankruptcy protection and is actively seeking a new publisher.
Minnesota's largest newspaper says it will emerge from Chapter 11 protection Monday, complying with the timeline agreed to under a reorganization plan approved earlier this month.
The bankruptcy filing allowed the 142-year-old newspaper to wipe away nearly $400 million in debt and extract $20 million annually in union concessions.
Board chairman Michael Sweeney says there is "an active search" for a publisher to replace current publisher Chris Harte.
The Star Tribune is the country's 14th-largest daily newspaper. It filed for bankruptcy protection in January as revenue tumbled faster than the company could cut costs.
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