Lee gets final approval to exit bankruptcy

AP News
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Posted: Jan 30, 2012 3:49 PM
Lee gets final approval to exit bankruptcy

A bankruptcy judge on Monday gave final approval to Lee Enterprises Inc. to refinance its debt, which enabled the newspaper publisher to exit a prepackaged Chapter 11 bankruptcy.

The publisher of the St. Louis Post-Dispatch and nearly 50 other newspapers filed for bankruptcy protection on Dec.12 to compel a small minority of its lenders to agree to a refinancing plan that gives the company more time to repay about $1 billion in debt. The plan, approved last week by Chief U.S. Bankruptcy Judge Kevin Gross, extends Lee's repayment due dates to December 2015 and April 2017.

Lee's stock rose 4 cents, or 2.8 percent, to $1.47 in midday trading.