Morris Publishing: No redemption of floaters due 2014 for April period

By Toni Weeks

San Diego, May 19 - Morris Publishing Group, LLC said it will not redeem any of its floating-rate secured notes due 2014 for the month ending April 30, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the notes were issued in connection with the company's pre-packaged Chapter 11 joint plan of reorganization. As part of the indenture for the notes, Morris is required to use its monthly excess cash flow to repay any amounts outstanding on its working capital facility and then to redeem some of the notes, with the exception of any month when the excess cash flow is less than $250,000.

The redemption date, if the criteria for redemption had been satisfied, was May 19.

The filing noted that $78,434,000 principal amount of the notes still remains outstanding.

The company redeemed $3,226,877 of the floaters on March 16 and has bought back about $21.57 million of the notes since April 1, 2010.

Morris, an Augusta, Ga.-based newspaper publisher, emerged from bankruptcy on March 2, 2010.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.