Minnesota's largest newspaper The Star Tribune beginning of bankruptcy proceedings, reported on the website edition on Friday, January 16.
The newspaper was bought two years ago, media group Avista Capital Partners for 530 million dollars. According to the documents the New York Court of bankruptcy, the assets of the publication is now estimated at 493.2 million dollars, while debts amount to 661.1 million dollars. The reason for bankruptcy - the fall of the advertising market in the U.S. because of the financial crisis.
The report states that the issuance of revenue in recent years, the past few years has declined. For example, in 2004, The Star Tribune profit amounted to 115 million dollars in the 2007-meters - 57 million in 2008-m - 36 million.
As the volume of circulation of The Star Tribune ranked tenth in the U.S., its daily circulation was about 334 thousand copies.