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Heartland Publications emerges from bankruptcy

Discussion in 'Journalism topics only' started by FuturaBold, Apr 30, 2010.

  1. FuturaBold

    FuturaBold Member

    FYI ...


    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.
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