UPDATE 1-Morris seeks debt exchange, could file bankruptcy

*Latest newspaper company to seek debt restructuring

*Morris launches exchange offer for $300 mln of debt

*Says could seek prepackaged bankruptcy if offer fails

*Exchange offer expires Jan. 12

By Emily Chasan

NEW YORK, Dec 14 (Reuters) - Newspaper publisher Morris Publishing Group [MORCOP.UL] said on Monday it had launched an exchange offer for almost $300 million of debt and could restructure under a "prepackaged" bankruptcy if necessary.

Morris, which publishes 13 daily newspapers, said it would offer to exchange $100 million of second lien secured debt due in 2014 for all of the nearly $300 million existing senior subordinated notes due in 2013.

The company, whose titles include the Augusta Chronicle in Georgia, the Florida Times-Union in Jacksonville and the Juneau Empire in Alaska, said it had the support of about 75 percent of noteholders for the debt exchange.

At least 99 percent of the existing notes would have to be tendered to go ahead with the debt exchange.

Morris said was soliciting holders of existing debt for approval of a prepackaged bankruptcy reorganization plan in case it cannot get the required amount for the exchange offer.

The company would need approval from a smaller number of debtholders for the prepackaged bankruptcy plan.

Prepackaged bankruptcies allow companies to shorten their time in court, and are often less expensive and onerous than typical Chapter 11 cases because the companies have necessary agreements from key creditors prior to the bankruptcy.

The exchange offer expires on Jan. 12. (Reporting by Emily Chasan; Editing by Ted Kerr)