Morris: Company received ‘overwhelming support’ for reorganization plan

Augusta-based Morris Publishing Group says the company has received “overwhelming support” for its prepackaged reorganization plan.

The plan would be filed by Jan. 19, the company said in a statement.

“If accepted, the plan will allow Morris Publishing to exchange $100 million in new debt for $278.5 million in existing debt,” the company said in a statement. “The plan of reorganization is not expected to have any noticeable impact on Morris’ ongoing operations.”

Previously, the company “offered to exchange $100 million in new second-lien secured notes for $278.5 million in outstanding 7 percent senior subordinated notes,” the company said. “That offer required that 99 percent of existing notes be tendered.”

Since that condition wasn’t met by the Jan. 12 deadline, the company “has terminated the offer.”

Morris owns 13 daily newspapers, including three in Georgia — the Athens Banner-Herald, The Augusta Chronicle and the Savannah Morning News. The (Jacksonville) Florida Times-Union also publishes a Georgia edition.

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