Interest payment deadline extended for Morris
April 24, 2009 12:45 PM ET
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Associated Press
AUGUSTA, Ga. (AP) - Morris Publishing Group LLC said Friday that its lenders extended the deadline on a $9.7 million interest payment after the newspaper publisher failed to make a payment due on Feb. 1.
The new due date is May 28 for interest on $278.5 million in senior subordinated notes carrying an interest rate of 7 percent and due 2013.
Morris said senior bank lenders also waived any cross defaults arising from missing the payment, which could put it in default in other obligations.
Morris Publishing, a unit of privately held Morris Communications Co., owns more than three dozen daily newspapers and other publications including its flagship paper The Augusta Chronicle in Augusta, Ga.
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