Star Tribune emerges from bankruptcy protection with new ownership, reduced debt
By Jeff Baenen, APWednesday, September 30, 2009
Star Tribune emerges from bankruptcy protection
MINNEAPOLIS — The Star Tribune of Minneapolis has emerged from bankruptcy protection with new ownership and reduced debt.
In emerging from Chapter 11 on Monday, the Star Tribune is now owned primarily by its senior lenders, led by investment group Angelo, Gordon & Co. The company’s debt is $100 million, down from $480 million when it filed for Chapter 11 on Jan. 15.
A federal bankruptcy judge approved the Star Tribune’s reorganization plan earlier this month.
New board chairman Michael Sweeney says the Star Tribune’s emergence from bankruptcy protection “marks a fresh start with reduced debt, lower costs and new ownership.”
Current publisher Chris Harte plans to step down, but a new publisher has not been chosen yet.
Tags: Bankruptcy Figures, Minneapolis, Minnesota, North America, Personnel, United States
