Publisher Lee Gets Green Light To Restructure $1B In Debt

Law360, Wilmington (January 23, 2012, 5:35 PM EST) -- Lee Enterprises Inc. capped off a quick trip through Chapter 11 on Monday, winning a Delaware bankruptcy judge's approval of its plan to restructure nearly $1 billion of the newspaper publisher’s long-term debt.

U.S. Bankruptcy Judge Kevin Gross signed off on the prepackaged plan, calling it a “positive result” for both Lee — which owns the St. Louis Post-Dispatch and dozens of smaller newspapers — and its creditors.

The plan provides for a new first-lien term loan of $689 million and gives lenders the option to...
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