Star Tribune Co. seeks Chapter 11
Posted by Emily Dilling on June 19, 2009 at 2:37 AM
After going bankrupt early this year, Minnesota's Star Tribune Co. is now seeking protection under Chapter 11 and proposing a plan to reorganise and cut costs, the Associated Press reported.
Negotiations that have taken place since the Star Tribune declared bankruptcy in January resulted in agreements with 94 percent of the company's unionised employees, the agreed upon plans will lead to reducing staff costs by $20 million per year.
Negotiations that have taken place since the Star Tribune declared bankruptcy in January resulted in agreements with 94 percent of the company's unionised employees, the agreed upon plans will lead to reducing staff costs by $20 million per year.
Chris Harte, publisher and chairman of the Star Tribune Co., seems sure that the cuts will be enough to allow the newspaper bounce back and be prepared for the "intense competition that lies ahead".
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