Friday, January 15, 2010

Morris Publishing Group Bankruptcy Bound

Logo of Morris CommunicationsImage via Wikipedia
Augusta, Georgia-based Morris Publishing Group, which counts The Augusta Chronicle and The Florida Times-Union among its 13-daily newspaper empire, plans to file a pre-packaged Chapter 11 bankruptcy next week after it was unable to secure approval from 99 percent of its creditors to a debt swap.

Morris seeks to secure $100 million in new notes to retire an outstanding $278 million debt. If the bankruptcy court approves the plan, the existing debt will be extinguished and creditors will receive a share in the $100 million debt.

Other Morris dailies include The Juneau (Alaska) Empire, The Topeka (Kan.) Capital-Journal and The Savannah (Ga.) Morning News. The company also publishes weeklies, magazines and shoppers.
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