Bankruptcy Court accepts Star Tribune's reorganisation plan
Posted by Emily Dilling on July 31, 2009 at 9:19 AM
A bankruptcy court judge has accepted the Minneapolis Star Tribune's reorganisation plan, which could enable the paper to be independent of chapter 11 bankruptcy protection within the next few months, the Minneapolis St. Paul Business Journal reported.
The plan remains to be approved by creditors who will vote on whether or not to accept the proposed reorganisation that would give more than 95 percent of the company's stake to an investment group.
The plan remains to be approved by creditors who will vote on whether or not to accept the proposed reorganisation that would give more than 95 percent of the company's stake to an investment group.
The newspaper is also expected to install a new board of directors and name a new publisher by the end of August.
The project should allow the paper to leave behind chapter 11 bankruptcy protection, taking a $100 million in debt with it.
The project should allow the paper to leave behind chapter 11 bankruptcy protection, taking a $100 million in debt with it.
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