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Star Tribune reorganization: It is done

As expected, a U.S. Bankruptcy Court Judge Robert Drain approved the Star Tribune’s reorganization plan, and brushed off a request that the new owners first name a publisher.

The owners — which include two banks, a finance company and two distressed-debt buyers and no one with a journalistic legacy — will get the keys Sept. 27. I’d expect a new publisher to be named before then, but apparently there’s no obligation.

The Strib will carry $100 million in debt into its post-Chapter 11 future — down from $530 million. The question is whether that’s still too much. I’ll have some thoughts on that in coming days.

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