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Morris emerges from Chapter 11 bankruptcy

Morris Publishing Group, which owns The McDuffie Mirror, has emerged from Chapter 11 bankruptcy.

"Yesterday, we completed our formal debt restructuring with Morris Publishing emerging with a significantly de-leveraged balance sheet," said William S. Morris III, chairman of Morris Publishing.

The Augusta-based newspaper publishing company cut its debt by $288 million in a pre-packaged bankruptcy case.

"I am grateful for the support of all of our lenders, bondholders and professionals who have worked cooperatively, constructively and tirelessly to arrive at this mutual resolution," Morris said. "In addition, I want to thank all of our employees, suppliers, advertisers and readers for their patience and dedication during the restructuring process. We can now focus without distraction on our ongoing efforts to improve all facets of our core newspaper business."

Morris owns 13 daily newspapers, including The Augusta Chronicle and Florida Times-Union in Jacksonville, Fla.

Web posted on Thursday, March 04, 2010

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