Freedom Communications has received court approval from the US Bankruptcy Court for it’s Plan of Reorganization. The remaining items of the Plan are currently being worked on by the company, targeting the company’s emergence from Chapter 11 by the end of March 2010. The company’s Plan is supported by the Steering Committee of Freedom Communication’s secured lenders and the Official Committee of Unsecured Creditors. A large majority of the company’s voting creditors also approved the Plan, resulting in the elimination of $450 million of the company’s debt from its balance sheet. This debt elimination will provide the company with the flexibility and financial strength needed to serve its stakeholders.
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Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications, broadcast television stations and interactive businesses. The company’s print portfolio includes approximately 90 daily and weekly publications, including approximately 30 daily newspapers, plus ancillary magazines and other specialty publications. The broadcast company’s stations – five CBS, two ABC network affiliates and one CW affiliate – reach more than 3 million households across the country. The Company’s news, information and entertainment websites complement its print and broadcast properties.
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