The filing, which was made with the U.S. Bankruptcy Court in the southern district of New York, had been expected for months. It follows several missed payments to the paper's lenders, and it comes less than two years after a private equity group, New York-based Avista Capital Partners, bought the paper for $530 million.
In its filing, the newspaper listed assets of $493.2 million and liabilities of $661.1 million.
Those are some bad numbers and they come despite this, also from the article:
The Star Tribune, with Sunday circulation of 552,000, is the 10th-largest Sunday newspaper in the U.S. Its daily circulation of 334,000 makes it the 15th-largest daily based on circulation. The paper's website, StarTribune.com, averaged 76 million page views per month during the past six months, placing it among the top 10 newspaper websites in the nation.
We tend to bash the Strib a lot in the local conservative blogosphere, mostly for editorial folly and the ham-handed way the paper has inserted itself into just about every political debate over the years. And there are some people who will view this moment as an opportunity for schadenfreude. Not me -- it's a sad day. The problem is this: I don't see a way for newspapers to continue with their current business model. It's gone.
Meanwhile, at least one Stribber continues to have a standing job offer. Operators are standing by.