It was only a matter of time. The Star Tribune declared bankruptcy last night, ‘filing a voluntary petition under chapter 11 of the U.S. Bankruptcy code.’ Following the Chicago Tribune’s similar announcement last month, it was the 2nd major metro daily to file bankruptcy in the past 6 weeks, and more will undoubtedly follow. Seattle [...]
In its latest attempt to stave off the inevitable, the Minneapolis Star Tribune is demanding that its unions trim off $20 million in annual salary and cost reductions or the daily newspaper will be forced to declare bankruptcy. The company also acknowledged that Avista Capital Partners will be writing off the remaining $25 million on [...]