updated 1/15/2009 10:00:01 PM ET 2009-01-16T03:00:01

The Star Tribune says it has filed for Chapter 11 bankruptcy.

The Minneapolis newspaper posted the announcement on its Web site Thursday.

The filing comes less than two years after a private equity group, Avista Capital Partners, bought the paper for $530 million.

In its filing, the Star Tribune says it listed assets of $493.2 million and liabilities of $661.1 million. The company says it hopes to use bankruptcy to restructure its debt and lower its labor costs.

The Star Tribune has seen a sharp drop in print advertising, like many newspapers.

In a statement, publisher Chris Harte says, "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."

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