Times-Union Owner Morris Is out of Bankruptcy; A Reorganization Plan Was Completed

Article excerpt

Byline: MARK BASCH

Morris Publishing Group LLC said Tuesday it emerged from Chapter 11 bankruptcy after completing the necessary steps outlined in its prepackaged reorganization plan.

Morris filed for Chapter 11 on Jan. 19 in U.S. Bankruptcy Court for the Southern District of Georgia with a prepackaged plan that had already been approved by most of its bondholders. The plan involved reducing the company's overall debt from about $418 million to $107 million.

Augusta, Ga.-based Morris is the publisher of The Times-Union, the St. Augustine Record and 11 other daily newspapers, as well as a number of non-daily newspapers and community publications. The bankruptcy process did not impact the operations of the newspapers.

"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," Chairman William S. …

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