Posted on 01/15/2009 6:11:33 PM PST by 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 papers 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.
(Excerpt) Read more at startribune.com ...
Gee whiz...”global warming” puts the kibosh on its supposed solution- biodiesel. Whodathunkit?
In the immortal words of Bugs Bunny, “What a buncha maroons”!
You ought to see if there is a way to copy that front page without light damage and send it to the the owners, CEO, editors and all the rest of the RATs on board with that section highlighted. Better yet, post it as a picture on the web for all of us to bury them with it . . .
An’ another one down! An’ another one down! And another one bites the dust!!
I hope every Liberal “Reporter” has time to contemplate their bias - and what brought them here.
First time I think I have smiled in the past 2 weeks ever since that pig Franken was announced winner cheater of the Minnesota senate race by the equally corrupt dimwit SOS
And I'm from Minnesota!!!
The Rocky Mountain Post was the only conservative paper in Denver until they were bought out. Lets not forget the Denver Post, one of the red rags that has lied and cheated for decades in their “reports” on anything or anyone Conservative. The Post should die a long and painful death.
by ‘conservative’ you probably mean its editorial section. I would bet the rest of the front section was full of NY Times, AP and Rooter stories.
Cool...... Next....
Yeah and some Mexican is buying the New York Slimes! hoORAY
And we thank you. Be sure to get yourself something nice when they have their going-out-of-business sale.
Doing your patriotic duty, eh? Nice work!
The Minneapolis Star-Tribune: Soft, strong, and thoroughly absorbent.
Reporting in for the Funeral.
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