Morris Publishing, Owner of Log Cabin Democrat, Gets More Time on Loans

We noted last week that Morris Publishing, which owns Conway’s Log Cabin Democrat, had retained two firms with bankruptcy experience and planned to explore “strategic options,” which, of course, could mean a sale of properties. Today, some goods news: It and another ailing publisher, AH Belo, have been given more time to repay their debt.

From Reuters on Morris:

Morris Publishing, publisher of papers including The Topeka Capital-Journal in Kansas and The Augusta Chronicle in Georgia, got its loan terms changed after missing a $9.7 million interest payment on $278 million that was due on February 9.

Under the agreement, Morris gets to stave off any default on the missed payment until March 3, the company said in a filing with the U.S. Securities and Exchange Commission.

Morris’s lenders, including JPMorgan Chase & Co, The Bank of New York, SunTrust and General Electric Co’s Capital Corp, also agreed to reduce the limit on loans available under a revolving credit facility to $60 million from $100 million.

The credit line has $50 million outstanding, Morris said.

You can see the full SEC filing here. Belo, of course, is owner of the Dallas Morning News, among other newspapers.

Also

A final Salute: Arkansas Business media writer Mark Hengel on the Marion Salute, a small weekly that ended publication in December after four years

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One Response

  1. […] Log Cabin Democrat, whose ailing parent company is in debt up to its eyeballs, is going niche, trying is hand at business news. Why would anyone wanna do […]

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