Star Tribune emerges from bankruptcy

The (Minneapolis) Star Tribune said it will leave bankruptcy protection today, eight months after it filed for shelter from its creditors.
The daily said the newspaper will now be majority-owned by a group of senior secured lenders.
The Star Tribune reported it will have about $100 million debut, down from the $480 million it claimed when it filed bankruptcy in January.
As part of the reorganization, the Star Tribune Co. will become Star Tribune Media Co. LLC.
Michael T. P. Sweeney, STMC’s chairman, in a letter to readers, said that the Star Tribune intends to continue its 142-year legacy.
“Many of you have talked to us about the high value you place on the role we play in the democratic and social processes of our community,” he said. “You have expressed sincere concern and told us you cannot imagine this community without a strong daily newspaper. Neither can we.”