Regional newspaper and city magazine publisher Morris Publishing Group has set January 8, 2010 as the deadline for holders of its senior subordinated notes to accept the terms of a debt restructuring.

According to terms of the agreement, holders of Morris’ $278.5 million in outstanding notes would exchange those existing notes for $100 million in new, second lien secured notes. At the same time, Morris “affiliates” would “make capital contributions and repay indebtedness to Morris Publishing in order to cancel $110 million of its $138.75 million in existing senior secured indebtedness.”

Note holders will have 20 days to consider the exchange from the day the offer is officially launched, the company said.

Morris in October reached an agreement with holders of more than 75 percent of its senior subordinated notes on the exchange. If the exchange offer is not accepted by at least 99 percent of its note holders, Morris has agreed to file a pre-packaged bankruptcy plan which would seek court approval to proceed with the exchange. The deadline for such a filing is on or before January 11, 2010, the company said.

Augusta, Georgia-based Morris owns a portfolio of nearly 20 city magazines—including Augusta, Athens, H magazine and Savannah—as well as 13 daily newspapers.