The Business Journal is reporting this afternoon that senior creditors are stepping in to take over ownership of the Minneapolis Star Tribune in a debt for equity swap that eliminates 100% of Avista’s ownership in the daily newspaper. Avista invested $100 million in the deal and financed the rest with $400 million of debt, the majority of which was provided by Credit Suisse. Avista has already written off 75% of their original investment, and given their abysmal track record, it was only a matter of time before lenders demanded that something happen along the lines of what is being reported. I am reminded, however, of the old adage that anything that ends up in the garage or basement after a spring cleaning is making nothing more than a temporary stay before it ends up in the dump.