Morris Publishing Group, the parent company of the Log Cabin Democrat of Conway, filed for Chapter 11 bankruptcy on Jan. 19 in Augusta, Ga., where the company is based.
Morris reported that the holders of about 93 percent of its debt agreed to the pre-packaged bankruptcy that would reduce its overall indebtedness from $415 million to $126 million. Morris stated that it would continue to publish its 13 daily papers, among its other print and online publications, and that it would meet its obligations to employees and vendors.
If the court approves the bankruptcy, the company will issue $100 million in new second lien secured notes, canceling $278.5 million principal of outstanding senior subordinated notes.
The bankruptcy overshadows somewhat the news of former Log Cabin Democrat editor Rick Fahr’s recent promotion to publisher. Reached at work, Fahr amicably declined comment, saying, “We don’t give interviews,” a policy that seems odd for a media outlet that fairly lives and dies by the interviews people grant it. But being tight-lipped, surely, is the least of Morris’ problems at the moment.