Associated Press, Published January 16 2009
Star Tribune files for bankruptcyMINNEAPOLIS – The Star Tribune says it has filed for Chapter 11 bankruptcy. The Minneapolis newspaper posted the announcement on its Web site.
The filing comes less than two years after a private equity group, Avista Capital Partners, bought the paper for
In its filing, the Star Tribune says it listed assets of $493.2 million and liabilities of $661.1 million. The company says it hopes to use bankruptcy to restructure its debt and lower its labor costs.
The Star Tribune has seen a sharp drop in print advertising, as have many newspapers.