Posted by: Jon Fine on May 5, 2008
Emphasis added to amplify the not-so-subtext:
Star Tribune publisher and chairman Christopher Harte said the Star Tribune has not filed for bankruptcy, nor is it about to.
"The Star Tribune currently has sufficient liquidity and is current on all its debt payment obligations," Harte said in a statement issued Sunday afternoon.
Pressed further, he said the newspaper would not miss a debt payment this year unless things worsened.
Harte said he is in frequent contact with lenders, including Credit Suisse. None of them wants to take over the newspaper, he added.
Boy, if I were a concerned Minneapolitan, I’d be really reassured after reading that.
Last summer, I wrote a column predicting that one major-market newspaper would exit print entirely in favor of a Web-only format by summer of 2009.
Madison’s trailing daily The Capitol Times has already done so. But I gotta confess that I when I opened my big yap I had in mind a leading, big market daily, not a relic of the time when each city had multiple newspapers.
I’m starting to think that at least one big-name major-market newspaper will move away from standard daily publication this year--scale back to, say, publishing a paid newspaper three or four times a week.
The economics appear to have gotten that grim.