Well, I didn’t know what to think of reports that local investment company and spin off of Cargill, Wayzata Investment Partners had purchased a large share of the Star Tribune’s secured debt. With articles and speculation flying after the recent Chapter 11 Bankruptcy filing by the Strib, it appears that the local juggernaut of investment firms may end up with controlling interest in the paper.
Check out a number of the stories that have surfaced in recent days:
- MinnPost – Local Star Tribune creditor has confronted unions
Jan 19, 2009 … The Star Tribune revealed Friday in documents filed in U.S. Bankruptcy Court in Manhattan that Wayzata Investment holds $58 million of the … - MinnPost – Star Tribune asks court for approval to pay employees
Curiously, the Star Tribune owners asked the court for a motion … five as the largest first-lien lenders: Wayzata Investment Partners LLC ($58060595), … - Star Tribune – Star Tribune’s largest lender is local
Jan 16, 2009 … Wayzata Investment Partners, a spinoff of a former Cargill subsidiary … Earlier this week, the Star Tribune laid off 21 nonunion employees … - Wall Street Journal – Minneapolis Paper Seeks Shield
Jan 16, 2009By RUSSELL ADAMS The filing came less than two years after Avista Capital Partners, a private equity group, purchased the newspaper for $530 million. … - Bloomberg – Star Tribune Files for Bankruptcy After Ads Decline
Jan 15, 2009By Tiffany Kary Jan. 16 (Bloomberg) — The Minneapolis Star Tribune sought bankruptcy protection amid falling newspaper advertising sales, less than two …
If there ends up being a strike on Lake Street by the Star Tribune Unions, I guarantee I will have a front row seat while sitting at Sunset’s having a burger and fries and watching all the mayhem, and you will be able to read about it here at Wayzata.com. Otherwise, stay tuned for all the latest developments regardless.
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