The Minneapolis Star Tribune has failed to make its US$9 million quarterly debt payment to senior creditors as it attempts to restructure debt, CNN Money reported Wednesday.

Chairman and Publisher Christoper Harte told the newspaper that all options, including bankruptcy, are on the table, the newspaper reported.

The Star Tribune has $432 million in debt. Bought by Avista Capital Partners in March 2007, the group does not disclose revenue or expense figures. However, Harte told employees in a memo that the newspaper is “a fundamentally sound franchise,” CNN Money reported.

The Star Tribune has a daily circulation of 322,362, according to ABC figures. It employes 1,405 people.