IRVINE, Calif. - (Business Wire) Freedom Communications, a national privately owned information and entertainment company of print publications, broadcast television stations and interactive businesses, announced today that it has filed its proposed Plan of Reorganization and related Disclosure Statement with the U.S. Bankruptcy Court for the District of Delaware in Wilmington. “The filing of the Plan of Reorganization and Disclosure Statement represents an important milestone in our Chapter 11 case. We are especially pleased that we were able to reach this key step in our restructuring process in just two months,” Freedom Chief Executive Officer, Burl Osborne said. “It brings us closer to successfully completing our debt restructuring and positioning the Company for future opportunities and challenges that lie ahead in the rapidly changing media industry.”
As previously announced, on September 1, 2009, Freedom and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code to implement a restructuring agreement reached with a steering committee of Freedom’s lenders.
The Company will seek Court approval of the Disclosure Statement and related voting solicitation procedures. Court approval, if granted, will permit the Company to solicit acceptances for the proposed Plan and seek confirmation of the proposed Plan by the Bankruptcy Court.
This release is not intended to be, and should not be in any way construed as, a solicitation of votes on any plan.
The Chapter 11 petitions were filed in the U.S. Bankruptcy Court for the District of Delaware, in Wilmington. The case number is 09-13046. The Company has also established a restructuring information line at 800-299-1960. Additional information regarding the filings, including the Company’s plan of reorganization and disclosure statement can also be found at www.loganandco.com.
About Freedom Communications
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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