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Minneapolis Newspaper Files for Bankruptcy

Star Tribune , overwhelmed by debt, plans to keep operating under reorganization

By Harry Kimball,  Newser Staff

Posted Jan 16, 2009 2:44 PM CST
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(Newser) – The Minneapolis Star Tribune has filed for bankruptcy protection after missing payments to creditors, the paper reports. Like most other 3-D news outlets, the 15th-largest daily in the country has seen a steep decline in advertising revenue. The Chapter 11 filing shows assets of $493.2 million and debt of $661.1 million. The Strib plans to keep operating as it reorganizes its debt.

Highlighting the usefulness of a two-newspaper town, the archrival Pioneer Press of St. Paul reports that the Star Tribune had sought $20 million in wage concessions from its workers, but talks with the unions broke down a week ago. "The Newspaper Guild was given no heads up at all," said the co-chair of the local representing newsroom employees.

The headquarters of the Star Tribune in Minneapolis.
The headquarters of the Star Tribune in Minneapolis.   (AP Photo)
Stacks of the Star Tribune.
Stacks of the Star Tribune.   (AP Photo)
The Minneapolis skyline rises behind a Star Tribune vending machine. Two years after it was bought by a private equity group, the paper has filed for reorganization under Chapter 11 bankruptcy.
The Minneapolis skyline rises behind a Star Tribune vending machine. Two years after it was bought by a private equity group, the paper has filed for reorganization under Chapter 11 bankruptcy.   (AP Photo)
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COMMENTS
Showing 1 of 1 comment
Shannonals
Jan 16, 2009 11:19 PM CST
And they call twice everyday looking for new subscribers

Paper will continue to operate as usual, it says
Reuters

Bankruptcy follows stalled talks with union over concessions
Seattle Post-Intelligencer

The paper stopped payments on debt in October
New York Times

Money • Media

 
newspaper • bankruptcy • debt • Minnesota • circulation • Chapter 11 • Minneapolis Star-Tribune • St. Paul Pioneer Press

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