Morris Publishing Group announced Tuesday that it has emerged from Chapter 11 bankruptcy protection.

The company, one of the largest newspaper publishers in the country, filed a pre-packaged bankruptcy plan only 41 days ago. After reaching the accord with creditors, the company was able to reduce debt from $418 million to $107 million.

The company’s chairman, William S. Morris III, explained the situation, saying “we completed our formal debt restructuring with Morris Publishing emerging with a significantly de-leveraged balance sheet… I am grateful for the support of all our lenders, bondholders and professionals who have worked cooperatively, constructively, and tirelessly to arrive at this mutual resolution… In addition I want to thank all of our employees, suppliers, advertisers, and readers for their patience and dedication during the restructuring process. We can now focus without distraction on our ongoing efforts to improve all facets of our core newspaper business.”

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.