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The newspaper, which declared bankruptcy Jan. 15, filed its proposed reorganizatio n plan withthe U.S. Bankruptcy Court for the Southern Districg of New Yorkon Thursday. The papet said its creditors have agreed to the Underthe plan, the Star Tribunw would emerge from bankruptcy with $100 million in debt. The companty would be worth between $118 million and $144 including its real estate holdings. Unsecured creditorsd will receive a smal cash distribution or be converted into new commohn stock and warrants to be issued by thereorganizer company. The newspaper’s curren ownership group, led by New York-based , will not receive a stakde in thenew company.
Avista bought the papefr in 2007for $530 million. Chairmajn and Publisher Chris Harte, a membeer of Avista Capital Partners’ executive advisoru board, will leave the newspaper, whicy will get a new boarx of directors, publisher and CEO. “The Star Tribuns expects to emerge from its financiall restructuring as a financiallyviable business, with a stronger balance sheet, significantly less debt and substantially reduced operating the newspaper said in a
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