UPDATED: Layoffs at Savannah Morning News, 20 days until Bankruptcy Decision…?
November 3, 2009 by STAR
Filed under Bankruptcy, Morris Publishing, Savannah Morning News
BREAKING NEWS:
Word on the street is that The Savannah Morning News and Morris Publishing are yet again handing out pink slips due to the dismal state of Morris Publishing’s existance…
A reliable source told us that aprox. 5 people were let go this week from The Savannah Morning News “Light of the Coastal Empire”. The offical word corporations use is “Cost Saving Measures“…
NOTE: We are still trying to figure out if the numbers are from the SMN or Corporate Morris OR BOTH… We will get to the center of it.
This has not officially been confirmed or denied as of yet! We welcome the “official” press release on this…
What a great way to ring in the holidays huh? Merry Christmas Everyone!!!
The company is the Titanic and the orchestra is now playing Battle Hymn of Bankruptcy… LOUDLY! Our sources are reliable and loyal!
The AP is reporting that Morris will know in 20 Business days whether or not it has to file bankruptcy.
Morris has cut a “deal” with debtors but nearly all must sign on for it to go through or it will be forced to file Bankruptcy.
They have 70% agreement but need 99% to save the company from Bankruptcy court…. Good Luck On That!!!
Morris Publishing says on Morris Restructures that:
“There is an enormous amount of legal work associated with this complex deal and a number of moving parts that all have to come together at the same time. Frankly, we simply haven’t been able to finalize all the paperwork and financial reporting that needs to be done.
The reason we keep getting forbearance is that the interest payments are legally in default until the exchange offer is accepted. In reality, we don’t anticipate paying those interest payments. Our deal with the bondholders calls for us to exchange $100 million in new bonds for the $278.5 million in outstanding bonds plus any outstanding accrued interest and penalties. This means the $20 million in interest payments that are in default will never be paid per the exchange offer with the bondholders.”
It makes us sick to find out that they are laying off their staff… It makes us sicker that they don’t even acknowledge it on their OWN website which exists to “answer questions”.
Maybe they should fire all of their comfortable executives who are at the helm of this sinking ship they call Morris Publishing… You rarely hear of executives or “management” being laid off, its always the “little guy”…
20 DAYS AND COUNTING TILL THE GRAND FINALE!!! IM SURE IT WILL BE A RATINGS BLOWOUT!
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