Record publisher: debt “far exceeds” assets

The future of the St. Augustine Record remains uncertain as the newspaper shuts down its local printing facility and its publisher, Morris Publishing Group, LLC, continues to accumulate debt – failing to pay the $9,746,730 interest payment due to its lenders February 1, 2009 and an additional $9,746,730 interest payment that was due August 3, 2009.

I’ve taken the last week to sort out my feelings about the response of the St. Augustine City Commission in unanimously voting August 24th to raise the city’s fire assessment fee.
