Newspaper article The Florida Times Union
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 company said in a release.
"This filing is the final set in the financial restructuring we announced last fall," William S. Morris III said in a statement. Morris Publishing operates 13 daily newspapers, as well as non-daily papers, Web sites, magazines and free community newspapers.
TYCO BUYS BRINK'S HOME SECURITY IN $2B DEAL
Diversified manufacturer Tyco International Ltd. says it has acquired home security provider Brink's Home Security Holdings Inc. in a cash-and-stock deal worth $2 billion.
Tyco is paying $42.50 per share for the Irving, Texas-based company. That represents a premium of more than 35 percent over Brink's stock of $31.42.
Tyco, which is headquartered in Schaffhausen, Switzerland, says it will combine Brink's, which operates as Broadview Security, with its own ADT security business. The deal has been unanimously approved by board members at both companies.
Tyco raised its first-quarter earnings forecast following the announcement. The company is scheduled to report first-quarter results on Jan. 28.
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