Minneapolis Star Tribune files for Chapter 11 bankruptcy

Star Tribune ^ | 1/15/09

[LdSentinal]

The Minneapolis Star Tribune filed a Chapter 11 bankruptcy petition Thursday night.

The filing had been anticipated for several months. It follows missed payments to the paper’s lenders, and comes less than two years after a private equity group, Avista Capital Partners, purchased the paper for $530 million.

In its filing, the newspaper listed assets of $493.2 million and liabilities of $661.1 million. The company said it hopes to use bankruptcy to restructure its debt and lower its labor costs.

Like most newspapers, the Star Tribune has experienced a sharp decline in print advertising. Its earnings before interest, taxes and debt payments was about $26 million in 2008, down from about $59 million in 2007 and about $115 million in 2004.

In a statement, Star Tribune publisher Chris Harte said, “We intend to use the Chapter 11 process to make this great Twin Cities institution stronger, leaner and more efficient so that it is better positioned for the future.”

[Army Air Corps]

There is a silver lining to the recession cloud.

[MplsSteve]

WELCOME TO FREE REPUBLIC’S MINNESOTA PING LIST!

121MEMBERS AND GROWING...!

FREEPMAIL ME IF YOU WANT ON OR OFF THIS LIST!

[Parmenio]

I cancelled my Sunday-only subscription just after the November election. I am proud to have played a role (however small) in bringing this bankruptcy about.

[Sawdring]

Without them, who will report “all” the news that is fit to print in the upper Midwest?

[GeronL]

Seattle OI, Rocky Mountain News, Red Star Tribune... don’t let the door hit ya where the good Lord split ya

[2banana]

Maybe their unions can get in line for a bailout.

[Eric in the Ozarks]

I’m sure a ‘bailout’ for the print media hasn’t been ruled out by Bambi & company.

[encm(ss)]

“The company said it hopes to use bankruptcy to restructure its debt and lower its labor costs.”

Funny how backruptcy is a good move to restructure their debt and labor costs, but for the Automobile Companies it is not. The bailout is political payback pure and simple.

[From The Deer Stand]

"We intend to use the Chapter 11 process to make this great Twin Cities institution stronger..."

Hint: get rid of the Lefties like Nick Coleman and start reporting the news fairly and, by golly, you might actually have some readers.

[downwdims]

Good Riddance

[downwdims]

Supposedly he was losing his Column, but it hasn’t happened yet

[Malesherbes]

I hope the editor will soon be able to spend more time with his family.

[WorkingClassFilth]

Death, DEATH, DEATH to the scurvy dogs at the Strib!

Oh, what sweetness! What Joy! What rapture in a long awaited moment of bliss!

Kiss my @ss, you leftist lickspittles. You've given ink monkeys a bad name for 40 years at least and you deserve to have every red cent wrested from your bloody red hands before you shrivel up and blow away in a hot gust from hell. Die the death God intended for the vile and depraved!!!

Now the thing to do ASAP will be to find and drive a great big wooden stake into their black communist hearts . . .

Then, shove garlic into their every orifice until they nearly burst like a stuffed turkey . . .

Then, pump them full of silver bullets . . .

Then, drag them out into the full daylight . . .

Then, nail their wretched carcasses to a giant crucifix with railroad spikes . . .

Then, toss them into an olymic sized swimming pool filled with holy water . . .

Then, we ought to think about getting a conservative paper into the metro area . . .

[Paladin2]

Financial bankruptcy follows moral bankruptcy.

[GOPJ]

Newspapers don’t need fewer journalists - they need more readers. Giving the finger to half of their potential readers isn’t working. McDonalds does business with conservatives... why not the MSM?

[mplsconservative]

It’s strange they have no readership when I consider that at least the inner-cities’ of Mpls./St. Paul are extreme left-wing. Heck, my old precinct went nearly 88% for Obambi and Franken.

I guess even lefties don’t like to pay for the news when you can get it on the internet for free.

[dsrtsage]

Don’t hold back...tell us how you really feel

[Nervous Tick]

That was pure poetry! But, don’t hold back next time.

[DustyMoment]

Minneapolis Star Tribune files for Chapter 11 bankruptcy

Oh, dear me, I'm getting all teary.


Oh, wait a minute, I've been chopping onions!!