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The newspaper, which declared bankruptcy Jan. 15, filed its proposedf reorganization plan withthe U.S. Bankruptcy Courtt for the Southern District of New Yorkon Thursday. The paper said its creditors have agreed tothe plan. Under the the Star Tribune would emerge from bankruptcywith $100 millio in debt. The company would be worth between $118 millioj and $144 million, including its real estatee holdings. Unsecured creditors will receive a small cash distribution or be convertedd into new common stock and warrantsw to be issued by thereorganizerd company. The newspaper’s current ownership group, led by New York-basecd , will not receive a stake in thenew company.
Avistqa bought the paper in 2007for $530 Chairman and Publisher Chris Harte, a member of Avista Capital Partners’ executive advisory board, will leave the newspaper, whicbh will get a new board of directors, publisherf and CEO. “The Star Tribune expectd to emerge from its financiak restructuring as a financiallyviable business, with a strongerf balance sheet, significantly less debt and substantially reduced operating the newspaper said in a
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