Minneapolis Newspaper Files for Bankruptcy

The Minneapolis Star Tribune has filed for bankruptcy protection after missing payments to creditors, the paper reports. Like most other 3-D news outlets, the 15th-largest daily in the country has seen a steep decline in advertising revenue. The Chapter 11 filing shows assets of $493.2 million and debt of $661.1 million. The Strib plans to keep operating as it reorganizes its debt.

Highlighting the usefulness of a two-newspaper town, the archrival Pioneer Press of St. Paul reports that the Star Tribune had sought $20 million in wage concessions from its workers, but talks with the unions broke down a week ago. "The Newspaper Guild was given no heads up at all," said the co-chair of the local representing newsroom employees.
(More Minneapolis Star-Tribune stories.)