The second major paper to file bankruptcy is Minneapolis Star Tribune which made the filing to “reduce our operating costs, restructure our debt and create a financially viable business for the future” according to a report over at E&P. The filing was also a promise made good by the paper after failed negotiations between the paper and its union members to trim another $20 million from the balance sheet.
According to E&P, the Star Tribune was purchased in 2007 for $530 million from the McClatchy Co. which practically dumped the paper after having paid $1.2 billion for it in 1998. The paper, in its filing, listed assets of $493.2 million with liabilities of $661.1 million.
The first paper to file bankruptcy was the Tribune Co. which owns the Chicago Tribune, L.A. Times, The Baltimore Sun, The Hartford Courant and many others.