Star Tribune emerges from bankruptcy protection
Minneapolis (AP) — The Star Tribune has emerged from bankruptcy protection just over eight months after filing for Chapter 11.
Minnesota's largest newspaper said it emerged from bankruptcy Monday with new ownership and reduced debt.
The Star Tribune is now owned primarily by its senior secured lenders. 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.