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Irvine’s Freedom Communications files reorganization plan
The parent company of the OC Register takes next significant step to emerge from Chapter 11.
By Susan BelknappPublished: January 21, 2010 01:20 AM
Irvine-based Freedom Communications, a national privately owned media enterprise and parent company of the OC Register, announced Thursday that it has filed its joint Disclosure Statement and Plan of Reorganization, which is supported by the agent bank for its secured lenders and the Official Committee of Unsecured Creditors as part of its reorganization to emerge from Chapter 11 bankruptcy protection.
“Our ability to achieve consensus on this joint plan among our major stakeholders is very good news, not only for our company but also for our former and existing employees, our communities and our business partners,” says Burl Osborne, CEO or Freedom Communications. “Taking this significant step will help us to emerge from Chapter 11 expeditiously and focus on the business of providing the news, entertainment and advertising our communities depend on.”
U.S. Bankruptcy Court for the District of Delaware, in Wilmington, where the petitions were filed, approved the disclosure statement and reorganization at a hearing Thursday, paving the way for Freedom to solicit votes on the plan. A confirmation hearing has been scheduled for March 9.
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“Our ability to achieve consensus on this joint plan among our major stakeholders is very good news, not only for our company but also for our former and existing employees, our communities and our business partners,” says Burl Osborne, CEO or Freedom Communications. “Taking this significant step will help us to emerge from Chapter 11 expeditiously and focus on the business of providing the news, entertainment and advertising our communities depend on.” U.S. Bankruptcy Court for the District of Delaware, in Wilmington, where the petitions were filed, approved the disclosure statement and reorganization at a hearing Thursday, paving the way for Freedom to solicit votes on the plan. A confirmation hearing has been scheduled for March 9. NEXT PAGE >> Related headlines Your business climate Irvine-based Boost Mobile 'shuffles' to Super Bowl OC METRO, January issue: 'Computer diagnostics' Newport Beach's Daddy Cakes partners with Paul Frank Irvine-based Kia earns praise for Soul model |
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