Augusta, Georgia-based newspaper and city magazine publisher Morris Publishing Group said this week that it has completed its debt restructuring and officially has emerged from Chapter 11 bankruptcy protection. Under terms of the restructuring, Morris will exchange roughly $100 million of new second lien secured notes due in 2014 for the cancellation of $278.5 million of outstanding senior subordinated unsecured debt due in 2013, plus accrued and unpaid interest.
Last month, a U.S. bankruptcy court approved Morris’ plan, which it filed in January. The company’s overall indebtedness was reduced from approximately $418 million to $107 million.
When contacted by FOLIO:, a Morris spokesperson said the company has no plans to alter its magazine publishing operation. In addition to 13 daily newspapers, Morris publishes nearly 20 city magazines, including Augusta, Athens, H magazine and Savannah.
“The restructuring was not an operational one—it was intended to restructure the company’s debt,” the spokesperson said.