Star Tribune plans to exit bankruptcy in September - Dallas Business Journal:

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The newspaper, which declared bankruptcy Jan. 15, filed its propose d reorganization plan withthe U.S. Bankruptch Court for the Southerb District of New York on The paper said its creditors have agreed to the Underthe plan, the Star Tribune woul d emerge from bankruptcy with $100 milliomn in debt. The company would be wortjh between $118 million and $144 million, including its real estatre holdings. Unsecured creditors will receive a smalp cash distribution or be convertexd into new common stock and warrants to be issued by thereorganizer company.
The newspaper’s current ownership led by New York-basee , will not receive a stake in the new Avista bought the paper in 2007for $530 Chairman and Publisher Chris Harte, a member of Avist a Capital Partners’ executive advisort board, will leave the newspaper, which will get a new boarf of directors, publisher and CEO. “The Star Tribune expects to emergd from its financial restructuring as a financially viable with a strongerbalance sheet, significantlhy less debt and substantially reducerd operating costs,” the newspaper said in a