The Minneapolis Star Tribune is offering a glimpse of a newspaper after bankrupcty. These details are from a Star Tribune story by David Phelps:

• The current owners are gone and get nothing.

• First-lien creditors get new common stock and secured notes with a value of 32 cents on the dollar.

• First-lien creditors become owners of the company.

• Unsecured creditors get a small cash distribution or new common stock and warrants in the newly reorganized company valued at a penny on the dollar.

• The Star Tribune emerges from Chapter 11 with $100 million in debt and is worth between $118 million and $144 million, including the value of its real estate.

Phelps reports:

The Star Tribune plans to exit bankruptcy in the fall, about 10 months after a sharp decline in advertising and circulation revenue forced it to default on heavy debt payments.

On Thursday night, the company filed a reorganization plan that it said has the approval of creditors who hold approximately $384 million in secured debt and $96 million in unsecured obligations.

Phelps notes:

Other newspapers have entered bankruptcy in recent months, including the Philadelphia Inquirer, the Chicago Sun-Times and the Tribune Company, owner of the Chicago Tribune and Los Angeles Times.