Court Clears 'Florida Times-Union' Parent to Exit Bankruptcy

Bankruptcy

Morris Publishing Group's reorganization plan was confirmed in U.S. Bankruptcy Court in Augusta, Ga. Wednesday, clearing the way for the parent of The Florida Times-Union in Jacksonville and a dozen other dailies to emerge from bankruptcy as soon as March 1.

Under the plan confirmed by the court, Morris Publishing will reduce its debt from approximately $418 million to approximately $107 million.

Morris filed a "pre-packaged" bankruptcy reorganization plan in January that was approved in advance by the great majority of its bondholders and senior secured creditors.

Under the plan, Morris will swap $100 million of new second lien secured notes due in 2014 for the cancellation of about $278.5 million of outstanding senior subordinated unsecured notes that are due in 2013.

At the same time, entities owned and controlled by the Morris family will make a capital contribution of approximately $85 million and pay down intercompany debt amounting to about $25 million. That will cancel about $110 million of Morris Publishing's senior secured debt.

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Grounds for Divorce in Ohio - Sylkatis Law, LLC

A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party

Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party

However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.

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