Morris gets another debt extension

[2muchcoffeeman]

The parent company of the The Florida Times-Union has gotten a second extension on $9.7 million it owes in interest payments to lenders including JPMorgan Chase Bank NA.

Morris Publishing Group LLC now has until 5 p.m. April 6 to make the interest payment, according to a filing with the U.S. Securities and Exchange Commission. The publisher entered into the new waiver agreement with JPMorgan Jan. 26.

Morris Publishing was originally supposed to pay the $9.7 million in interest payments by Feb. 1 but received its first waiver to extend the deadline to March 3 to avoid default.

Under the credit agreement, the publisher would go into default once it becomes past due on an aggregate principal amount of $5 million or more in any principal or interest payments. Morris Publishing has nearly $278.5 million in senior subordinated notes due 2013, according to the SEC filing.

http://jacksonville.bizjournals.com/jacksonville/stories/2009/03/02/daily6.html?surround=lfn

 

[Drip]

This will not end well.

 

[RickStain]

It's like a guy caught in a payday loan writ large.