Morris Publishing Group, LLC announced Friday that it has obtained an extension until August 28, 2009 to make two semi-annual interest payments of $9.7 million on its senior subordinated notes originally due Feb. 1, 2009 and August 3, 2009.
The holders of more than 80 percent of the outstanding amount of senior subordinated notes have agreed to extend the forbearance period for these payments.
Morris Publishing’s senior bank group also agreed to extend until August 28, 2009 the waiver of the cross defaults arising from the overdue interest payments on the senior subordinated notes.
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 non-daily newspapers, city magazines and free community publications including The St. Augustine Record and The Florida Times-Union in Jacksonville.
Photo credit: Historic City News photographer Kerry McGuire