'Florida Times-Union' Parent Gets Fifth Default Reprieve

Posted
By: Mark Fitzgerald Morris Publishing Group -- the parent of The Florida Times-Union in Jacksonvile that has acknowledged worries that it can survive as a "going concern" -- said Friday it had negotiated a fifth waiver from its bankers, staving off any action that could force it into bankruptcy until late May.

Morris said bankers holding 80% of $278.5 million in senior subordinated notes had agreed to another forbearance on a missed $9.7 million interest payment that was due Feb. 1.

A previous forbearance had been due to expire Friday.

Privately held Morris is struggling under $413 million in debt.

More details and links to the history of Morris' financial situation are at E&P's business-oriented Fitz & Jen blog.

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