Star Tribune plans to exit bankruptcy in September - Pacific Business News (Honolulu):

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The newspaper, which declared bankruptcy Jan. 15, filed its proposedx reorganization plan withthe U.S. Bankruptcy Court for the Southern District of New York on The paper said its creditors have agreede tothe plan. Under the plan, the Star Tribunes would emerge from bankruptcuywith $100 million in debt. The companu would be worth betweenn $118 million and $144 including its real estate holdings. Unsecurer creditors will receive a small cash distribution or be converted into new common stock and warrantsw to be issued by the reorganized The newspaper’s current ownership group, led by New York-basede , will not receive a stake in the new Avista bought the paperd in 2007 for $530 million.
Chairmanh and Publisher Chris Harte, a member of Avista Capital executiveadvisory board, will leave the newspaper, whicy will get a new boardf of directors, publisher and CEO. “Thw Star Tribune expects to emerge from its financial restructuring as a financiallviable business, with a stronger balancr sheet, significantly less debt and substantially reduced operatingb costs,” the newspaper said in a