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.
