Updated: Affiliated, Morris set reorgs
Affiliated Media Inc., the parent firm of MediaNews Group, and
Morris Publishing Group, which prints The (Jacksonville) Florida
Times-Union among other papers, each said it reached agreement with
lenders to file prepackaged bankruptcy filings.
In both cases, the filings, under Chapter 11 bankruptcy
provisions, won't affect operations of the firms' newspapers or
other media outlets.
AMI said its reorganization, structured in consultation with the
company's senior lenders, provides for the swap by senior lenders
of debt for equity, and reduction of the company's debt of
approximately $930 million to $165 million.
There will be no management change or change in control of the
company. Management led by William Dean Singleton, chairman and
CEO, will continue to control the company through ownership of all
class A shares, the firm said.
"In our search for a new model that reflects the realities of
today's changing newspaper environment, we have come up with a
solution that restores financial strength and flexibility to our
balance sheet," Singleton said in a statement.
Source: Newspapers and Technology
Georgia Debt Consolidation Loan Credit
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Jacksonville Debt Consolidation - News
Updated: Affiliated, Morris set reorgs
Affiliated Media Inc., the parent firm of MediaNews Group, and Morris Publishing Group, which prints The (Jacksonville) Florida Times-Union among other and more »
Newspapers and Technology - Jan 18, 2010
DeVry Inc. FQ210 (Qtr End 12/31/09) Earnings Call Transcript
We are closely managing costs in the short term and we recently completed the consolidation of a number of positions in the marketing and sales area. and more »
Seeking Alpha (blog) - Jan 27, 2010
Change Of Plans: Consolidated Government Will Pay For City Pensions
Consolidation supports had preached multiple times that county residents would not be saddled with Pensacola's unfunded pension debt — currently over $75
NorthEscambia.com - Jan 15, 2010
