BREAKING NEWS & VIEWS

Mpls. Star Tribune Asks Creditors for More Time
Monday, June 2, 2008

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Last month, min reported that the Minneapolis Star Tribune (known locally as the "The Strib") has been struggling with debt obligations over the past year. Now the paper has asked creditors to allow it to delay its debt payments for six months while it implements a cost-cutting strategy to reduce its debt. The Strib said it would cut 10% of the newsroom budget by June 30 as part of a plan to eliminate $20 million in expenses. Avista Capital Partners, the New York private-equity firm that bought The Strib for $530 million about 15 months ago, recently hired the Blackstone Group to negotiate with creditors. Avista said the Strib has sufficient liquidity but is facing extreme challenges.

For the full story, check out the New York Post.
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