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Heartland Publications restructuring moves forward; company files amended plan of reorganization
Feb 23, 2010 | 755 views | 0 0 comments | 12 12 recommendations | email to a friend | print
Clinton, Conn. – Heartland Publications, LLC, which operates 50 paid-circulation newspapers and numerous free or controlled distribution products in nine states, today announced that the requisite number of first-lien lenders, led by GE Capital as agent, support the Company’s amended Plan of Reorganization and Disclosure Statement. The Company is hopeful that the amended materials, which are being filed today, will be acceptable to its second-lien lenders.

Goldman Sachs has also withdrawn its previous objections to the Disclosure Statement, and no other objections to the Disclosure Statement or Solicitation Procedures have been filed, which pave the way for the hearing Feb. 26 to obtain Court approval on these important documents. Following such approval, impaired creditors will vote on the Plan, after which the Company will seek confirmation from the Court and emerge from Chapter 11 protection.

"We are pleased that the agreement with our lenders significantly streamlines the Chapter 11 process and keeps the company on track to complete the reorganization in early April,” said Michael C. Bush, president and chief executive officer.

From its headquarters in Clinton, Conn., the company operates 50 paid-circulation newspapers and numerous free or controlled distribution products in Georgia, Kentucky, North and South Carolina, Ohio, Oklahoma, Tennessee, Virginia and West Virginia. The company reaches more than 250,000 print subscribers each week and many others via interactive websites.

Additional information about the company’s restructuring may be found online at http://chapter11.epiqsystems.com/heartlandpublications or by calling (866) 222-1116 or, internationally, (646) 282-2400. Information about the company and its publications can be found at www.heartlandpublications.com.

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