Morris Publishing gets extension on $9.7M in debt - Jacksonville Business Journal:

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million it owes in interest payments to lendersincludinh . Group LLC now has until 5 p.m. April 6 to make the interest payment, according to a filing with the U.S. Securitiexs and Exchange Commission. The publisher enterexd into the new waiver agreement withJPMorgan Jan. 26. Morries Publishing was originally supposed to paythe $9.7 millionm in interest payments by Feb. 1 but receiveds its first waiver to extend the deadline to Marcn 3 toavoid default. Under the credit agreement, the publishet would go into default once it becomes past due on an aggregatse principal amountof $5 millionm or more in any principalo or interest payments. Morris Publishing has nearly $278.
4 million in senior subordinated notesadue 2013, according to the SEC The company and its subsidiariexs also entered into an agreement that gives controk to the lenders if Morris defaults, except for deposits totaling less than $500,000. JPMorgan is the administratived agent onthe financing. Theres are 15 other lenders withib the credit agreement includingThe , , Wachovia Bank N.A., and Generakl Electric Capital Corp.