Heartland Publications Prepack Plan Is A Go

Law360, New York (April 19, 2010, 6:46 PM EDT) -- Regional newspaper publisher Heartland Publications LLC has won approval of its prepackaged reorganization plan and anticipates soon emerging from Chapter 11 having restructured $70 million in debt and handed the majority of new equity to first-lien lenders led by GE Capital Corp.

Judge Kevin Gross confirmed the plan Friday in the U.S. Bankruptcy Court for the District of Delaware, clearing the way for the overburdened newspaper company to exit bankruptcy by May with a deleveraged balance sheet and unsecured creditors fully repaid.

Under the prepackaged plan,...
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