Newspaper Publisher Morris To File Prepack Ch. 11

Law360, New York (January 14, 2010, 5:34 PM EST) -- Newspaper publisher Morris Publishing Group LLC plans to file for Chapter 11 bankruptcy by Tuesday, now that a plan to restructure its $415 million debt out of court has failed.

Augusta, Ga.-based Morris, which operates 13 daily newspapers and other publications, said Wednesday it was rescinding a previous debt exchange offer in favor of bankruptcy after failing to get enough support from bondholders by this week’s deadline.

The company is filing a prepackaged bankruptcy that will allow it to exchange $100 million in new debt for...
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