Morris Publishing emerges from bankruptcy, owners to retain control of company
By APTuesday, March 2, 2010
Morris Publishing out of bankruptcy protection
AUGUSTA, Ga. — Morris Publishing Group says it has emerged from bankruptcy protection.
A judge last month approved a prepackaged debt restructuring for the Georgia-based publisher of 13 daily newspapers after hearing no objections from creditors.
The company spent a year formulating a plan to shed $288.5 million in debt — or about 70 percent of its total of $415 million.
Morris will keep control of the privately held company, which has 1,847 full-time employees and 335 part-time workers.
The publisher of The Augusta Chronicle and Savannah Morning News initially filed for bankruptcy protection in December 2008.
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