Star Trib hopes to exit bankruptcy this fall

The (Minneapolis) Star Tribune said it hopes to exit bankruptcy this fall after filing a reorganization plan that will place ownership of the paper under a group consisting of its key creditors.
The newspaper said the publisher would emerge from Chapter 11 bankruptcy protection with $100 million in debt, down considerably from the more than $400 million in debt it faced prior to its bankruptcy filing last fall.
The Star Tribune's current owners, majority stakeholder Avista Capital Partners and the Chris Harte Family Trust, would be replaced by a group of first-lien creditors, the newspaper said.
A hearing on the matter is scheduled for July 29 in U.S. Bankruptcy Court in New York.