THE AJ IS STILL ALIVE…FOR NOW

7 Apr

Morris Communications, the parent company of the Lubbock Avalanche-Journal, has recieved another extension on their $9.7 million dollar interest payment. They now have until April 24th to pay. Here is the story:

Morris Publishing Obtains Extension of Forbearance Period on Overdue Interest Payment

AUGUSTA, Ga., April 7 /PRNewswire/ — Morris Publishing Group, LLC announced today that it has obtained an extension until April 24, 2009 to make a $9.7 million interest payment on its Senior Subordinated Notes. Holders of more than 80 percent of the outstanding amount of senior subordinated notes have agreed to extend the forbearance period for the payment, which originally was due Feb. 1, 2009.

“We are continuing to address our debt structure,” said William S. Morris IV, chief executive officer of Morris Publishing Group. “We are hopeful that we will reach an agreement that satisfies all parties.”

Morris Publishing’s senior bank group also agreed to extend until April 24, 2009 the waiver of the cross default arising from the overdue interest payment on the senior subordinated notes. The bank group also amended terms of the senior credit agreement to delete the requirement that Morris or related entities consummate a transaction (or at least sign a binding letter of intent to do so) to generate funds to prepay the senior debt by May 30, 2009.

Morris Publishing Group, LLC is a privately held media company based in Augusta, Ga. Morris Publishing currently owns and operates 13 daily newspapers as well as nondaily newspapers, city magazines and free community publications in the Southeast, Midwest, Southwest and Alaska. For more information, visit our Web site, morris.com.

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