Heartland Publications emerges from bankruptcy

FYI ...

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1004084155

With its prepackaged reorganization plan approved by a federal judge, Heartland Publications plans to emerge from Chapter 11 bankruptcy on April 30.

Heartland filed for Chapter 11 protection last Dec. 21, reporting assets of $134.3 million and debt totaling $166.2 million. At the time of its filing, Heartland said it had defaulted on payments due on a total of $161 million in loans in the past year.

Under a reorganization plan already agreed by its first-lien lenders, led by GE Capital Corp., and second-lien lenders led by Silver Point Finance LLC, $70 million in first-lien debt will be exchanged for two term loans of $60 million and $10 million, plus an additional $2 million revolving credit facility. Current management will stay in place, Heartland said.