DAVENPORT, Iowa | Lee Enterprises Inc., the parent company of The Times Media Co., carried out its comprehensive refinancing agreements Monday as the company emerged from a brief Chapter 11 bankruptcy process.
The refinancing, which had been approved last week by Chief U.S. Bankruptcy Judge Kevin Gross in the District of Delaware, where Lee is incorporated, extends the maturities of Lee's borrowings to December 2015 and April 2017, according to the company. Implementation required a voluntary, prepackaged Chapter 11 process to bind a small minority of nonconsenting lenders to the terms.
In addition to The Times, Lee operates 47 daily newspapers and has a joint interest in four others. It also owns digital products and nearly 300 specialty publications in 23 states.