Minneapolis Paper Bankrupt

The Minneapolis Star Tribune filed for bankruptcy protection on Thursday after failing to win a series of labor concessions on wages and other matters.

Last Updated: February 11, 2009 @ 2:21 PM

 The Minneapolis Star Tribune filed for bankruptcy protection on Thursday after failing to win a series of labor concessions on wages and other matters, reports The New York Times. "We intend to use the Chapter 11 process to make this great Twin Cities institution stronger, leaner and more efficient so that it is better positioned for the future," publisher Chris Harte said in a statement. It is the second bankruptcy for major dailies since the Chicago-based Tribune company filed in December. Like Tribune, the Minneapolis daily The Star Tribune has had a large debt load since a private equity group bought the paper for $530 million two years ago. Meanwhile, the Tribune Co., which owns the Los Angeles Times and Chicago Tribune, is looking to save money by outsourcing coverage. It may pay the Washington Post Co. for foreign and national coverage for the company’s eight big dailies. The New York Daily News will use Boston-based start-up GlobalPost’s part-time foreign correspondents.

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