T-U PARENT COMPANY FILES PREPACKAGED PLAN
The Times-Union's parent company, Morris Publishing Group, planned to file late Monday with the U.S. Bankruptcy Court in Augusta, Ga., a prepackaged plan to restructure its debt, the company said.
Holders of approximately 93 percent of existing bond notes agreed to support a reorganization plan that calls for exchanging $278.5 million in unsecured debt for $100 million in secured debt, according to a news release. Last fall, the company reduced its senior indebtedness to banks by $110 million.
Readers and advertisers should notice no change in operations and all obligations to vendors and employees will be met, the …