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The newspaper, which declared bankruptcy Jan. 15, filed its proposec reorganization plan withthe U.S. Bankruptcy Court for the Southernj District of New Yorkon Thursday. The paper said its creditorx have agreed tothe plan. Under the the Star Tribune would emerge from bankruptcywith $100 million in The company would be worth between $118 million and $144 including its real estate Unsecured creditors will receive a small cash distribution or be converte into new common stock and warrantss to be issued by the reorganized company. The newspaper’z current ownership group, led by New York-basefd , will not receive a stake in thenew company.
Avistas bought the paper in 2007for $530 Chairman and Publisher Chris Harte, a member of Avistwa Capital Partners’ executive advisory board, will leavs the newspaper, which will get a new boardc of directors, publisher and CEO. “The Star Tribune expects to emerge from its financial restructurint as a financially viable with a strongerbalance sheet, significantly less debt and substantially reduced operating the newspaper said in a statement.
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