Morris Publishing Group's reorganization plan was confirmed in U.S. Bankruptcy Court in Augusta, Ga. Wednesday, clearing the way for the parent of The Florida Times-Union in Jacksonville and a dozen other dailies to emerge from bankruptcy as soon as March 1.

Under the plan confirmed by the court, Morris Publishing will reduce its debt from approximately $418 million to approximately $107 million.

Morris filed a "pre-packaged" bankruptcy reorganization plan in January that was approved in advance by the great majority of its bondholders and senior secured creditors.

Under the plan, Morris will swap $100 million of new second lien secured notes due in 2014 for the cancellation of about $278.5 million of outstanding senior subordinated unsecured notes that are due in 2013.

At the same time, entities owned and controlled by the Morris family will make a capital contribution of approximately $85 million and pay down intercompany debt amounting to about $25 million. That will cancel about $110 million of Morris Publishing's senior secured debt.

The nation’s second largest video chain submitted a Chapter 11 petition to the bankruptcy court in Richmond yesterday. Movie Gallery, which also owns Hollywood Video, has headquarters in Oregon.

Movie Gallery owns 16 locations in the Richmond area, and seven stores are currently having closing sales, according to its website.

In the new filing the company reported between $10 million and $50 million in assets, and $500 million to $1 billion in liabilities.

This is the second time the company filed for bankruptcy. The last time was in 2007, also filed with the U.S. Bankruptcy Court in Richmond.

Ralph Mabey, a former bankruptcy judge who was appointed as the examiner, said he was seeking an additional 21 days to conduct the investigation, as he has had some difficulty in obtaining necessary witnesses, documents and other information that he had hoped to obtain consensually.

The examiner, who was originally expected to file his report on February 19, asked for a delay until March 12.

Extended Stay filed for bankruptcy protection in June saying it was "significantly over-leveraged" and that projected cash flows could not continue to service its more than $7 billion in debt.

In September, a U.S. bankruptcy judge approved a request by the U.S. Trustee for an examiner to be hired to probe questions surrounding the purchase and financing of the lodging chain.

The examiner is tasked with looking into the acquisition of Extended Stay by David Lichtenstein's Lightstone Group, which had purchased the chain of 680 hotels from a Blackstone Group LP (BX.N) affiliate, prior to its bankruptcy.

Shareholders of Washington Mutual Inc will have a voice in the company's bankruptcy after a judge refused on Thursday to disband their committee, which Washington Mutual said would complicate the case.

The U.S. Trustee, who plays an oversight role in bankruptcy, appointed the committee earlier this month after being petitioned by 3,500 shareholders. The company immediately asked the court to disband it.

The committee will be able to speak with a unified voice and hire professionals, who would be paid by the company.

Washington Mutual has said since it filed for bankruptcy in 2008 that it is hopelessly insolvent, and therefore there is no need for an official committees of shareholders.

Latham International, which makes swimming pools and parts such as liners, steps and ladders, said on Friday that a bankruptcy court approved a debt restructuring plan that will put the company into the hands of its lendersate Constitution through the initiative process.

Latham said it expects to come out of bankruptcy during the next few days.

The Latham, New York, company filed for bankruptcy in December in Delaware with a so-called prearranged plan in place that had the backing of the lenders that will now own it, including Littlejohn & Co, a private equity firm in Greenwich, Connecticut.

Tops Friendly Markets said Friday it is buying all 79 stores run by bankrupt rival Penn Traffic Co. for $85 million in cash, a move that would deepen its roots in New York and Pennsylvania and extend its reach into other Northeastern states.

Tops, a 76-store chain based in suburban Buffalo, said its bid has been accepted by Syracuse-based Penn Traffic and recommended to the U.S. Bankruptcy Court in Wilmington, Del., for approval. A judge met with lawyers for two hours Friday to discuss the proposed deal, then adjourned the hearing until Monday.

"The court proceeding went as expected, and our goal to see a bid chosen that will save the greatest number of stores and jobs is on track," said Sen. Charles Schumer, D-N.Y.

Along with its cash offer, Tops said it would eliminate about $100 million in unsecured claims against Penn Traffic's estate. That includes a $72 million claim for withdrawal liability from the United Food and Commercial Workers Union, which represents all of Tops' work force and about 85 percent of Penn Traffic's.

Mesa Airlines filed for Chapter 11 banktrupcy protection Tuesday, hoping to shed planes it no longer needs.

Mesa's filing is part of broader problems the airline has been experiencing with its operations as demand for air travel fell over the last year because of the economic downturn.

Contract carriers such as Mesa have traditionally been able to maneuver through tough economic times because their revenue is guaranteed through deals with major airlines.

Regional jets are smaller than the planes that large airlines use on most of their routes. They are often used to bring travelers to hub airports, where they can connect with other flights.

During the recession, as big airlines cut seats, Mesa struggled. Mesa currently operates flights as Delta Connection, US Airways Express and United Express.

Flying as United Express, Mesa had about 1.5 percent of Denver International Airport's market share in October.