Morris Publishing Group announced Wednesday it has completed the necessary steps to emerge from Chapter 11 bankruptcy. The company submitted a plan on Jan. 19 to restructure its debts that was approved by most of its bondholders before the filing.
"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. Morris III said in a press release.
"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," he said.
Augusta, Ga.-based Morris is the publisher of The Juneau Empire and 12 other daily newspapers, as well as a number of non-daily newspapers and community publications including the Capital City Weekly.
Consistent with the plan confirmed by the U.S. Bankruptcy Court on Feb. 17 approximately $278.5 million principal amount of senior subordinated notes plus accrued and unpaid interest has been canceled in exchange for $100 million of new secured notes due in 2014.