Judge clears Morris Publishing to emerge from bankruptcy, slash debt by $288 million
By Russ Bynum, APWednesday, February 17, 2010
Judge approves Morris bankruptcy plan
AUGUSTA, Ga. — A federal judge has cleared the way for newspaper owner Morris Publishing Group to emerge from bankruptcy protection.
Judge John S. Dalis approved the Georgia company’s plan to slash its debt by $288.5 million during a court hearing Wednesday in Augusta, less than a month after Morris Publishing filed under Chapter 11.
Morris owns 13 daily newspapers including The Augusta Chronicle and Savannah Morning News.
The company’s attorney, Mark Berkoff, said the company hopes to emerge from bankruptcy protection by March 1.
Most of Morris’ creditors had already agreed to the restructuring plan, including a bond swap that will erase $178.5 million owed to unsecured creditors in exchange for higher interest. Morris’ owners will keep control of the company.
