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This Dec. 26, 2006 picture shows The Star Tribune newspaper of Minneapolis, Minn. buidling, shortly after a meeting in which it was announced that the newspaper was being sold to a private equity firm. On Thursday, the newspaper filed for bankruptcy protection, less than two years after it was purchased by a private equity group. The company says the move will help them restructure their debt and reduce operating costs. (AP Photo/The Pioneer Press, Chris Polydorof)

Star Tribune files Chapter 11 Thursday night

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MINNEAPOLIS -- Less than two years after it was purchased by a private equity group, the Star Tribune said Thursday night it has filed for reorganization under Chapter 11 bankruptcy.

"We determined that the filing was necessary to reduce our operating costs, restructure our debt and create a financially viable business for the future," Publisher and Chairman Chris Harte said in a note to readers posted by the newspaper.

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