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Star Tribune Hints At Bankruptcy
In its latest attempt to stave off the inevitable, the Minneapolis Star Tribune is demanding that its unions trim off $20 million in annual salary and cost reductions or the daily newspaper will be forced to declare bankruptcy. The company also acknowledged that Avista Capital Partners will be writing off the remaining $25 million on its books for the original $100 million equity investment ($75 million has already been written off). Regardless of what the unions decide to do, Minneapolis has stretched its lead as the most likely first major metro market in the U.S. to lose its daily paper. Time is running out, but I still have 28 days left for one of my 2008 predictions to come true.