Star Tribune to exit bankruptcy
It seems like forever that the Star Tribune has been in bankruptcy, but today a federal judge in Manhattan approved a reorganization plan that could have the newspaper standing on its own feet by the end of the month.
As the Strib itself describes it:
The nation's 14th largest daily newspaper will emerge with new owners, reduced debt and some cash in its pocket. The new owners said they expect to announce a new CEO/ publisher soon. Judge Robert Drain confirmed the newspaper's plan despite the fact that the steering committee still hasn't announced a new CEO for the company.
About that CEO ... David Brauer nailed it on the head earlier when he wrote: Star Tribune Newsroom asks: Who the hell's our publisher? The reorg plan doesn't name a publisher, and that's a pretty major position to go unoccupied. If the editor in chief is the voice of the paper, the publisher is its pocketbook--responsible for all the stuff that actually makes money and helps the bottom line. In this case, it's also the person who will have the most work to do to maintain profitability. So the Strib is far from out of the woods.
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