Star Tribune, a Minneapolis newspaper annoynced yesterday (Thursday) that it has filed for Chapter 11 bankruptcy. About two years ago, the newspaper was bought for $530 million by a private equity group, Avista Capital Partners.

Like many newspapers, the Star Tribune has seen a drop in print advertising. In the Chapter 11 filing, the paper claims assets of $493.2 million and liabilities of $661.1 million. 

Chris Harte (publisher) sais "We intend to use the Chapter 11 process to make this great Twin Cities institution stronger, leaner and more efficient so that it is better positioned for the future."

This morning's news is all financial and all a bummer. Sorry.