The Plan is expected to become effective on or about April 30, at which time Heartland will emerge from Chapter 11 protection as a newly reorganized company with continuing management and all publications intact. Distributions will be made after that time to satisfy general unsecured claims in full.
“This is exciting news for Heartland and our communities,” said Michael C. Bush, president and chief executive officer. “We will soon complete this process and emerge with nearly half of our prior debt eliminated. With this new, healthy balance sheet, we look forward to exploring growth opportunities once again in existing and new markets.”
Mr. Bush continued: “We have completed this process on an expedited basis, and throughout this process we have maintained the same high level of quality for which our publications are known. We are proud of these accomplishments, and I commend our employees for their hard work in continuing to serve our subscribers, advertisers and communities.”
Heartland filed for Chapter 11 protection on December 21, 2009, and filed its pre-negotiated Plan of Reorganization and Disclosure Statement shortly thereafter.
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, including copies of the Plan and the Court Order confirming the Plan, may be found online at http://chapter11.epiqsystems.com/heartlandpublications. Information about the company and its publications can be found at www.heartlandpublications.com.