Morris bankruptcy

Is this new or some kind of massive d_B?

http://www.businessweek.com/ap/financialnews/D9D73UJ80.htm

 

I first heard of it tonight; in fact, had come here to see if anybody had posted it.

Thirteen daily papers, including the Jacksonville, Savannah, Athens (Ga.), Amarillo, Lubbock and Augusta papers. Buncha nondailies, many of which used to be the Times-Union's zoned local sections in Jacksonville.

Looks like Morris Communications did a good job reorganizing itself so the newspaper division wasn't directly tied to the holding company.

 

Morris has been in trouble for a while. As an alum of the Athens paper, which barely has a sports section these days, I hope all goes well.

 

Yeah, looks basically like they're using bankruptcy as a mechanism for refinancing the business at a better rate. Good for 'em.

 

"The plan seeks to slash Morris Publishing's debt of $415 million by nearly 70 percent."

Good grief, what the heck are these companies doing getting themselves that deep in debt? ... you are just asking for trouble no matter how good you are...

 

That's the price of doing business in today's yesterday's economy, Futura. Don't you know that? :

That's how MBA programs roll. You eat with a big spoon, you dismiss risk as something pussies worry about and you send a howitzer shell through the envelope. Consequences? Those are for pansies. Besides, we'll still get our bonuses no matter what happens.

30-1 debt-to-earnings? Don't sweat it, publishing's a cash cow. We'll make enough to cover the nut and then some. After all, we've got to get BIGGER! We've got to play with the big boys and this is the way to do it, right?

 

that's about right -- the borrower and the lender get what's coming to them in this kind of environment ...

 

Welcome back, Birdscribe. Stay a while.

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Heard a lot of good things about Mount Airy and Surry County. But none of the publications have been among them. Heartless? Ugh.

 

Morris has been an awful chain for decades, as bad as the stench that still lingers over "The Bold New City of the South," Jacksonville, one of its print properties.

A story I sorta remember:

This was the view from the desk at the Times-Union, and it was the Sunday night of Masters week.

Our poor sister paper up in Augusta, straining from the weight of what is their biggest week/night of the year, is in the throes of deadline, processing yards of Masters copy. The tiny staff there clearly overmatched and overburdened, but busting their ass all the same.

Meanwhile, back in the rat hole that was the Times-Union sports department, The Glue is in the slot. The T-U was under strict orders to use Augusta copy from the Masters, no matter how many better stories were moving on the wires. The Glue is beginning to crack under deadline pressure and calls Augusta.

You can just imagine the swamped, frantic copy editor who answers the phone in Augusta. "It's that a-hole from Jacksonville, again," he thinks to himself when he hears The Glue's voice. "We're going as fast as we can, I swear."

The Glue is hearing none of that, and lays down the law, in authoritative context:

"Need I remind you," The Glue, using his irate-MLB-home-plate-umpire voice, said with veins bulging in his neck and forehead, "that The Times-Union is the engine that pulls the Morris locomotive."

Morris ... Locomotive. Indeed.

 

Labor/wages [/ducking]

 

The T-U can suck my balls.

That is all.

Signed,
Former Morris Employee

 

This company rivals Gannett as being the co-worst in the U.S.