The Star Tribune, Minnesota's largest newspaper has filed a Chapter 11 bankruptcy petition.
The company said in a statement that it would use bankruptcy to restructure its debt and lower its labor costs.
The bankruptcy filing was not unexpected, with the company having missed debt payments for several months, and the paper had not been successful in negotiating pay cuts for employees.
According to the Star Tribune, the paper's publisher Chris Harte said the filing would have no impact on home delivery, advertising, newsgathering or any other aspects of the paper's operations. "We intend to use the Chapter 11 process to make this great Twin Cities institution stronger, leaner and more efficient so that it is well positioned to benefit when economic conditions begin to improve."
In its filing, the newspaper listed assets of $493.2 million and liabilities of $661.1 million.