Many in the Minneapolis area call the paper the RedStarTribune for its often overbearing leftist point of view, but whatever the case of its editorial direction the paper itself is headed for court to file for bankruptcy. And this is another one of the nation's largest papers looking to go belly up.
The StarTrib (or Strib as its also called) filed for Chapter 11 bankruptcy on Thursday.
Star Tribune files for Chapter 11 bankruptcy
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.”
The Star Tribune is ranked nationally as the 10th largest Sunday newspaper and 15th largest daily based on circulation. Its bankruptcy filing comes about a month after Tribune Company, owner of the Chicago Tribune and Los Angeles Times, filed for bankruptcy.
Just one more oldtimer in the Old Media headed for the dustbin of history, perhaps? Definitely an alarming trend for newspapers around the country.
Editor at Large
Comments Policy
Cookie Alert!
January 15, 2009 - 22:55 ET by CobraManCookie Alert!
The Star and Tribune website will attempt, again and again, to load "stat.startribune.com" cookies on your pc. I just visited that page and they tried to load about 15 cookies!
Come on Star and Tribune, once is enough!
Obama: My job is above my pay grade
No milk?
January 16, 2009 - 10:05 ET by SickofLibsNo milk?
Na na na na Na na na na
January 15, 2009 - 22:56 ET by BDNa na na na
Na na na na na
Hey hey hey - Goodbye!!!
Think the bolshies will learn? right.....
Excuse me
January 16, 2009 - 00:33 ET by BlondeIs that behaviour becoming?
HELL YEAH!
As you are so fond of saying......concur!
<edit> To my ex in-laws....move out of commie land, you idjits!
Hey, some times being petty
January 16, 2009 - 00:41 ET by BDHey, some times being petty is just soooo............right.
Becoming?
January 16, 2009 - 10:12 ET by nkviking75"Is that behaviour becoming?"
Becoming what?
DJ, please play "Another One Bites The Dust"!
Welcome to the era of unity, you racist!
In a statement, Star
January 15, 2009 - 23:09 ET by bigtimerIn 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.”
When are they ever going to learn that just being fair, balanced, just report the news, let the people decide what they read without everything being so editorialized and biased...
Oh never-mind...they have been told...they still eat the pages.
Agenda first...profit....ah well, never mind.
At least this news gave me something to smile about...big-time.
"You've gone beyond the law"... Sen. Kerry~ Head of Foreign Relations Committee to Hillary at Sec.of State confirmation hearings~1-13-09
They just don't get it....
January 15, 2009 - 23:11 ET by d1carterThey just don't get it....
In case they feel they
January 15, 2009 - 23:14 ET by MidAmericaIn case they feel they haven't a Prayer here's one:
"In the sweat of thy face shalt thou eat bread, till thou return unto the ground; for out of it wast thou taken: for dust thou art, and unto dust shalt thou return."
From the English Burial Service.
Headline: Paper isn't worth what it is printed on
January 15, 2009 - 23:16 ET by legacyrepublicanLike Federal Reserve Notes, the Minn. Star Tribune, has become as worthless and bloated as the paper it is printed on because it, like the government, is woefully mismanaged and is seriously out of touch with the needs of its customers and its real mission statement.
Now, that would be a great story to read.
Why not 7?
January 15, 2009 - 23:29 ET by zachlindGosh. Gee. Darn. I don’t know what to say?
keeping my fingers crossed.
January 15, 2009 - 23:40 ET by mizflame98I'm still holding out for the news that MSNBC is going bankrupt.
Perfect Demotivator for the Obama Administration
http://www.despair.com/government.html
Liberal Newspapers.
January 15, 2009 - 23:52 ET by blazermaniacIt's amazing how many liberal newspapers are going bankrupt. I also wish for PMSNBC do go belly up. Same for others like "The New York Slimes" & "The Buffalo Snooze".
Let it die. . .
January 15, 2009 - 23:57 ET by MCPO AirdaleIt is nothing more than a mouthpiece for socialists - let it die.
On another note.........
January 16, 2009 - 00:25 ET by owlpelletsJust sent this to Pepsico........
Which marketing genius aligned your family of companies with politics? There are over 50 million voting Americans that disagree about "refreshing the nation." My family just voted to quit using any Pepsico products or supporting any of your family of other entities. This is not so much because of a political disagreement inasmuch as a statement that a marketing philosophy could be so shallow, stupid, and ignorant.
Don't blame me....I voted for Palin...
Does a newspaper that prints propaganda deserve to survive?
January 16, 2009 - 01:25 ET by SlyrrThe economy is bad now, the lefties got their wish. Their constant repetition of the phrase 'this is the worst economy since the great depression' has come back and sucker-punched them in their pug-ugly faces.
It would be the crowning irony if a bad economy consumed and devoured all these leftist media propaganda machines which spawned the downturn with their disgraceful lies and misconduct. I don't want businesses in this country to get any worse. But if the NY Times goes bankrupt too, I'll hold the coats of those who attend the funeral....
Red Star TRibune
January 16, 2009 - 06:12 ET by BobAnthonySEE YA! WOULDN'T WANT TO BE YA!
The Constitution is NOT a conspiracy theory and the founding fathers are NOT conspiracy theorists!
Endorsements
January 16, 2009 - 06:26 ET by jkrockoneThats what they get for endorsing Franken!
"Wait a minute...I don't think they endorsed Franken sir".
Ahhh, could of fooled me!
"We need in politics men who have something to give, not men who have something to get"- Benard Baruch
Back in November I cancelled
January 16, 2009 - 08:59 ET by misterbee241Back in November I cancelled my subscription to my local paper. They never even asked me why I was cancelling, they just did it.
Next comes the bailout
January 16, 2009 - 09:27 ET by zachlindI understand The Star Tribune is working on a bailout package from Putin. Of course this package will be much different, with less strings attached, from the original seed money they received from Karl Marx back in 1867.
buh bye
January 16, 2009 - 10:06 ET by SickofLibs"Revenge of The Forest."
I have one thing to say:
January 16, 2009 - 10:49 ET by mattmI have one thing to say: (Click to listen)
A hoped for conservative take over
January 16, 2009 - 13:40 ET by ForeverOnTheRightI hope that a number of these papers that are in trouble are bought up by conservatives. If conservatives rule talk radio, perhaps conservatives could rule the papers and other media outlets as a result. Then Obama would have no lapdog, or at least his lapdog would have a much smaller bark. I am crossing my fingers on this one.
Paper is dead
January 16, 2009 - 14:27 ET by macummingsHappy to see you go, STrib.
What little conservative print media there is, even that will lie among the scrap heap in the next few years, mostly because of a readership that has moved to new media.
We can get our information electronically, so why pay for an outdated paper/magazine?
MAC
All they need to do to succeed
January 16, 2009 - 18:20 ET by kch50428Is report the news - fair and balanced, and reflect public opinion, and quit trying to shape it.
"The Star Tribune is ranked
November 21, 2009 - 16:02 ET by abshandra"The Star Tribune is ranked nationally as the 10th largest Sunday newspaper daily and 15th largest based on circulation." - Well, apparently a high ranking, not a benchmark, the company's solid and sturdy. Do not know why, one by one big company collapsed and had to filing bankruptcy. The first question, how is the company's management? - Shandra from bankruptcy public records