Morris Gets More Time For Interest Payment
February 3, 2009 at 5:16 AM (PT)
MORRIS COMMUICATIONS' has negotiated a deal with its lenders to get an extra 30 days to make a $9.7 million interest payment without default. The newspaper which publishes 13 daily papers including the FLORIDA TIMES-UNION (JACKSONVILLE), TOPEKA CAPITAL-JOURNAL, SAVANNAH MORNING NEWS, and AUGUSTA CHRONICLE and several other publications, was due to make the payment FEBRUARY 1st, and can now pay the amount by MARCH 3rd without default.
The deal also reduces the limits on loans available from the credit facility to $70 million from $100 million and adds 0.5% to the variable interest rate.
The AUGUSTA-based parent company owns radio stations in ALASKA, WASHINGTON state, CALIFORNIA, TEXAS and KANSAS, as well as in MONACO.