Posted by Editor
Monday, 03 August 2009
Morris Publishing Group, LLC announced today that it has obtained an extension until August 14, 2009 to make a $9.7 million interest payment on its senior subordinated notes which was originally due Feb. 1, 2009. In addition, the forbearance agreement incorporates Morris Publishing's anticipated failure to make the $9.7 million interest payment due on August 3, 2009. The holders of more than 80 percent of the outstanding amount of senior subordinated notes have agreed to extend the forbearance period for these payments.
Morris Publishing's senior bank group also agreed to extend until August 14, 2009 the waiver of the cross default arising from any overdue interest payments on the senior subordinated notes. In addition, the bank's revolving credit commitment was permanently reduced to $60 million.
Morris Publishing Group, LLC is a privately held media company based in Augusta, Ga. Morris Publishing currently owns and operates 13 daily newspapers as well as nondaily newspapers, city magazines and free community publications in the Southeast, Midwest, Southwest and Alaska. For more information, visit our Web site, morris.com.
Source: Morris Publishing Group, LLC
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