Court OKs MediaNews parent’s Chapter 11 plan
Bankruptcy
A U.S. Bankruptcy Court judge Thursday approved the reorganization plan of the holding company of Denver’s MediaNews Group Inc., publisher of The Denver Post, the company said.
Confirmation of the “pre-packaged” plan by Judge Kevin Carey of U.S. Bankruptcy Court in Delaware will allow Affiliated Media Inc., parent of MediaNews, to emerge from Chapter 11 protection.
“We knew we had a good plan going in, and it had been approved by the lenders before it was filed,” William Dean Singleton, chairman and CEO of MediaNews Group, said in a statement. “We are pleased that it won confirmation, and that our company is now well-positioned for the changing days ahead.”
Affiliated filed under Chapter 11 on Jan. 22 and submitted a plan already approved by major creditors, allowing it to greatly reduce its debt from $930 million to $165 million in debt in exchange for equity in the company, while leaving Singleton and President Joseph “Jody” Lodovic in control of the Affiliated/MediaNews management.
Related listings
-
Lehman bankruptcy advisers paid $641.9m
Bankruptcy 02/22/2010Alvarez & Marsal LLC, the liquidator of bankrupt Lehman Brothers Holdings Inc., has collected $233 million in fees for “interim management” over 16 months, according to a regulatory filing.The restructuring firm, which provided Lehman with its cu...
-
Court Clears 'Florida Times-Union' Parent to Exit Bankruptcy
Bankruptcy 02/18/2010Morris Publishing Group's reorganization plan was confirmed in U.S. Bankruptcy Court in Augusta, Ga. Wednesday, clearing the way for the parent of The Florida Times-Union in Jacksonville and a dozen other dailies to emerge from bankruptcy as soon as ...
-
Movie Gallery in Chapter 11, closing stores
Bankruptcy 02/03/2010The nation’s second largest video chain submitted a Chapter 11 petition to the bankruptcy court in Richmond yesterday. Movie Gallery, which also owns Hollywood Video, has headquarters in Oregon.Movie Gallery owns 16 locations in the Richmond area, an...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.