A Georgia bankruptcy court has approved a reorganization plan filed by Morris Publishing Group.

The U.S. newspaper publisher said, in a statement released Wednesday, that the plan will reduce the company’s overall debt from around $418 million to roughly  $107 million. Court documents show that Morris owned affiliated entities will make a capital contribution of almost $85 million.

Morris reportedly plans on emerging from bankruptcy as early as March 1, at which time the company will exchange $100 millon of new second lien secured notes for nearly $279 million senior subordinated unsecured notes due in 2013.

If you are a business owner and are struggling to make regular payments on your debts, you may wish to consider filing for bankruptcy to restructure your business. For more information on bankruptcy, please contact a Boston bankruptcy lawyer of Joshua Spirn & Associates by calling 800-975-5346.