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Star Tribune files for bankruptcy protection

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Press Trust Of India New York
Last Updated : Jan 29 2013 | 3:33 AM IST

Leading media house The Star Tribune has filed for bankruptcy protection after facing sharp revenue decline, a move that will help it cut costs and restructure debt.

The Star Tribune plans to continue with its operation as usual and publish its award-winning newspaper Star Tribune and website Startribune.Com without interruption during its reorganisation process, a company statement said.

"We intend to use the Chapter 11 process to make this great Twin Cities institution stronger, leaner and more efficient so that it is well-positioned to benefit when economic conditions begin to improve," Star Tribune Publisher and Chairman Chris Harte said in a statement.

He further said the filing would have no impact on home delivery, advertising, news gathering or any other aspects of the organisation's operations. The Star Tribune has witnessed a sharp decline in print advertising. Its earnings stood at about $26 million in 2008, down from about $59 million in 2007.

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First Published: Jan 17 2009 | 12:00 AM IST

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