UPDATE 1-Morris Publishing sees Ch. 11 exit as early as March

* Sees Chapter 11 exit as soon as March 1

* Reorganization plan cuts co's debt by $311 mln

Feb 17 (Reuters) - U.S. newspaper publisher Morris Publishing Group [MORCOP.UL] said a Georgia bankruptcy court has approved its reorganization plan and it may emerge from bankruptcy as early as March 1.

In a statement, Morris said the plan will cut its overall debt from about $418 million to about $107 million.

The company said its affiliated entities, owned and controlled by the Morris family, will make a capital contribution of about $85 million.

Upon exiting Chapter 11, Morris said it will exchange $100 million of new second lien secured notes due in 2014 for the cancellation of about $278.5 million senior subordinated unsecured notes due 2013.

The company filed for protection from creditors in January after an exchange offer for $278.5 million in debt failed. (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)