Morris Newspaper Division Emerges From Bankruptcy
March 4, 2010 at 4:31 AM (PT)
The newspaper publishing division of MORRIS COMMUNICATIONS has emerged from bankruptcy, the company announced TUESDAY.
MORRIS PUBLISHING GROUP, LLC completed its prepackaged Chapter 11 plan, approved by the U.S. Bankruptcy Court on FEBRUARY 17th, exchanging $100 million of new secured notes due 2014 for the cancellation of $278.5 million in notes plus accrued and unpaid interest. The MORRIS family also made a capital contribution to MORRIS PUBLISHING of about $85 million and repaid $25 million in intercompany debt. MORRIS PUBLISHING also repaid from cash on hand all of its $19.7 million principal amount of Tranche A senior secured debt plus accrued interest.
Chairman WILLIAM S. MORRIS III said, "Yesterday, we completed our formal debt restructuring, with MORRIS PUBLISHING emerging with a significantly de-leveraged balance sheet. I am grateful for the support of all of our lenders, bondholders and professionals who have worked cooperatively, constructively and tirelessly to arrive at this mutual resolution.
"In addition, I want to thank all of our employees, suppliers, advertisers and readers for their patience and dedication during the restructuring process. We can now focus without distraction on our ongoing efforts to improve all facets of our core newspaper business."
MORRIS' radio division owns stations in ALASKA, CALIFORNIA, WASHINGTON state and KANSAS.