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Morris Publishing begins restructuring debt

Monday, Dec. 14, 2009 5:22 PM
Last updated 5:23 PM
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Morris Publishing Group today launched its financial restructuring plan by opening the offer to exchange old debt with new debt that will lower its obligation to $100 million from $278 million.

“This just formalizes what we announced previously,” said Don Bailey, president of The Augusta Chronicle, which is owned by Morris Publishing.

Augusta-based Morris Publishing said in a news release that the exchange offer is an out-of-court method of restructuring the company’s indebtedness to address imminent debt repayment obligations.

The exchange offer will close on Jan. 12.

If holders of 99 percent of the $278 million in notes approve the offer, then the company will not seek bankruptcy court approval of the plan. As of the October announcement, 75 percent of the debt holders had agreed to the exchange.

If the 99 percent threshold cannot be attained, Morris Publishing will proceed with a prepackaged bankruptcy, the company said.

Most of the remaining $136 million in debt will be repaid through Morris’ parent company as a capital contribution.

Morris Publishing Group, which owns The Augusta Chronicle and 12 other daily newspapers, is a subsidiary of Morris Communications.

When the restructuring is completed, $415 million in debt will be reduced to $126.5 million.

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Riverman1
79742
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Riverman1 12/14/09 - 06:38 pm
0
0
Mike Ryan will stay as the

Mike Ryan will stay as the editor, no matter his grammatical errors. if you want to keep the debt restructuring as a solution. The boy wants to be a writer and has self published a book. Take care of him, Billy, and we'll take care of you.

Dora.Ito
0
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Dora.Ito 12/14/09 - 06:42 pm
0
0
I need these guys to work on

I need these guys to work on my credit cards!

nelsonhargrove
0
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nelsonhargrove 12/14/09 - 08:18 pm
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278M--I would like one of ol

278M--I would like one of ol Billy's credit lines

seenitB4
81891
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seenitB4 12/14/09 - 08:28 pm
0
0
Good cpa work,,,stay in

Good cpa work,,,stay in business,, I would miss these funny posters..

lady_alessandra
0
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lady_alessandra 12/14/09 - 09:23 pm
0
0
Mike Ryan is the editorial

Mike Ryan is the editorial page editor -- that's TWO pages of the paper. The newsroom is separate from the editorial department riverman. It's in a separate area of the building and a separate section of the paper.

Notreally
4
Points
Notreally 12/14/09 - 09:40 pm
0
0
Maybe he and his co-horts

Maybe he and his co-horts need to stop bashing Obama EVERYDAY maybe they can save some money LOL... OMG if some of the major city papers have went ou tof business I'm not to sure about this one LOL...

Just Another Day
0
Points
Just Another Day 12/14/09 - 10:43 pm
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Just Nuts= "What I really

Just Nuts= "What I really meant to say was, I'm a stupid ignoramus and I will not stop untill I fill this world with hate, disaccord, paranoia and bile. I'm the king of the underclass and I speak for the non minority media and the you know who (AWM) can kiss my grits"

Riverman1
79742
Points
Riverman1 12/14/09 - 10:59 pm
0
0
LadyAlessandra, you're right.

LadyAlessandra, you're right. I was being pretty mean there. I would delete it if the edit function worked. The AC has my permission to delete the post.

Riverman1
79742
Points
Riverman1 12/14/09 - 11:04 pm
0
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After I made that kind of

After I made that kind of mean post about Mike Ryan earlier, I caught him on the radio on Helen Blocker-Adams show. He was on for a long time and seems like a truly nice guy. I really need to read his book.

Just Another Day
0
Points
Just Another Day 12/14/09 - 11:09 pm
0
0
Must be nice to post in this

Must be nice to post in this website from sun up to sun down..........

Michael Ryan
607
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Michael Ryan 12/14/09 - 11:26 pm
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Riverman -- Thanks for your

Riverman -- Thanks for your last post. Would love to meet you if you can stop by the book signing Thursday at the Book Tavern downtown (6-8). Make sure you use your stage name!
Michael

700
Points
Barry Paschal 12/15/09 - 12:09 am
0
0
RM: You really should meet

RM: You really should meet Mike, and you really should read his book. And then apologize. Seriously.

JohnRandolphHardisonCain
576
Points
JohnRandolphHardisonCain 12/15/09 - 08:05 am
0
0
Victor Frankl would have a

Victor Frankl would have a hard time searching for meaning in the editorial content of The Augusta Chronicle beyond its radical right-wing propaganda. Sunday's editorial (Dec 13) titled "Rights worth fighting for" was a stilted piece of work. My only problem with The Chronicle IS its editorial policy.

disssman
6
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disssman 12/15/09 - 10:05 am
0
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In the past, the AC has

In the past, the AC has blamed corporate money woes on UNIONS and practically nothing else. What is the reason for their current woes? I am sure it isn't because they have to pay hefty UNION directed bonuses or benefits. BTW I thought that all CONServatives hated the word Bankruptcy and believed in only spending within their means.

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