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Is Star Tribune on 'brink of bankruptcy'?
KSTP.com ^ | 5/4/08 | Elena Kibasova

Posted on 05/04/2008 4:27:18 PM PDT by ButThreeLeftsDo

An article in the New York Post Sunday reported the Star Tribune is on the ‘brink of bankruptcy.’

The newspaper recently hired a company to restructure its balance sheet after failing to meet debt obligations, the article reports.

In a statement from the Star Tribune in response to the New York Post article, Chris Harte, the newspaper’s publisher said, "The facts are that the Star Tribune currently has sufficient liquidity and is current on all its debt payment obligations."

Hart said while it is true that the newspaper faces declining ad revenue, they have been working aggressively to get their cost structure in line with current revenue shortfalls.

"We recently hired the Blackstone Group to help us evaluate alternatives to our current capital structure, but that hardly merits a conclusion that we are near bankruptcy," the statement said. "In fact, Blackstone has substantial expertise in balance sheet restructurings through means other than statutory proceedings like bankruptcy."

Last week, the Star Tribune reported that its weekday circulation dropped more than six percent.


TOPICS: Business/Economy; Miscellaneous; US: Minnesota
KEYWORDS: newspapers; startribune
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To: ButThreeLeftsDo

Die a thousand deaths.


21 posted on 05/04/2008 6:39:56 PM PDT by spanalot
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To: The Great RJ
You would think that someone at the Trib would get the message that very few people in Minnesota want to read their left wing biased coverage.

The Liberal mindset doesn't allow the option of being wrong, or even disagreed with.

22 posted on 05/04/2008 6:41:33 PM PDT by Last Dakotan
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To: Gondring
And, of course, conservative newspapers are struggling across the country, too.

There is one?

23 posted on 05/04/2008 6:43:18 PM PDT by Last Dakotan
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To: Last Dakotan
There is one?

It's about that low...so many have folded... :-(

For example, in Cincy, the conservative paper closed...not the liberal one. What does that say?

In Philadelphia, the Bulletin should be whomping the Inky, if it were merely liberal bias that was decreasing circulation.

24 posted on 05/05/2008 12:08:04 AM PDT by Gondring (I'll give up my right to die when hell freezes over my dead body!)
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