Star Tribune Emerges From Chapter 11 Bankruptcy

With a new corporate name, the Star Tribune, a daily newspaper out of Minneapolis, has emerged from Chapter 11 bankruptcy.

Now called Star Tribune Media Co., 95 percent of the company's stock is owned by creditors and senior secured lenders. Through bankruptcy, the company was able to reduce its debt from $480 million to $100 million.

However, even with a lower amount of debt, the newspaper still faces some obstacles, such as declining revenue for print advertising.  But despite these obstacles, Michael Sweeney, who was recently appointed chairman of Star Tribune's board, remains confidant about the paper's future.

"The company has moved very quickly through financial restructuring and is very well-poised to be an agile competitor going forward," said Sweeney.

Star Tribune originally filed for bankruptcy protection in January 2009, citing assets of $493.2 million and liabilities of $661.1 million.

For more information about Chapter 11 bankruptcy, click here to find a bankruptcy lawyer in your area.