Star Tribune Plan Promises Creditors Limited Payment

Law360, New York (June 19, 2009, 12:00 AM EDT) -- Star Tribune Holdings Corp. has filed a Chapter 11 reorganization plan that would provide around 30 percent recovery for secured lenders and around 1 percent recovery for unsecured creditors through the issue of new stock and warrants in the reorganized company.

Under the plan, Star Tribune's first lien lenders are expected to receive between 30 percent and 36 percent recovery in the form of new common stock and new term notes in the reorganized company. Unsecured creditors are expected to receive between .5 percent and 1.3...
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