Wednesday, February 17, 2010

Morris to Emerge from Bankruptcy

(AP) The company that owns the Brainerd Dispatch and Lake Country Echo has been cleared to emerge from bankruptcy.

Federal Judge John S. Dalis has approved a plan to slash the debt of Morris Publishing Group by $285.5 million.

The company, based in Augusta Georgia, filed for Chapter 11 less than a month ago. Company attorney Mark Berkoff says they hope to emerge from bankruptcy protection by March 1st.

Most of Morris' creditors had already agreed to the restructuring plan, that will erase $178 million. Morris will keep control of the company.

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