Lee Enterprises Completes Refinancing; to Emerge From Chapter 11
As previously announced, Lee Enterprises, Incorporated, a provider of local news, information and advertising in 52 markets, has implemented comprehensive refinancing agreements. The refinancing agreements were approved by the U.S. Bankruptcy Court for the District of Delaware and allows the company to emerge from Chapter 11 protection.
The refinancing extends the maturities of Lee’s borrowings to December 2015 and April 2017 and included the issuance of 6,743,640 shares of Lee common stock, amounting to dilution of approximately 13% in the base of outstanding shares. Implementation required a voluntary, prepackaged Chapter 11 process that successfully concluded on January 30, 2012.
The plan also provides a $40 million revolving line of credit and notes that creditors will allow the company an extra two and a half to five years to repay about $864.5 million in loans.
Lee Enterprises is a provider of local news and information, and a major platform for advertising, in its markets, with 48 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states.
Previously on abfjournal.com: