Word that at least three entities planned objections to the bankruptcy proposal for Affiliated Media, holding company for MediaNews Group, added some suspense to today's hearing about the matter before a U.S. Bankruptcy Court in Delaware.
In the end, though, Judge Kevin J. Carey saw no reason to put the kibosh on the process. That's good news for MediaNews Group boss/Denver Post publisher Dean Singleton, who issued a statement declaring in part that "our company is now well-positioned for the changing days ahead."
The results may not put a smile on the face of every MediaNews creditor, but it appears to be good news for those of us in Denver who still like finding a newspaper on our driveway each morning. Look below for MediaNews' release about the ruling.
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Affiliated Media, Inc. Obtains Confirmation for Plan of Reorganization
- Debt Reduced from $930 Million to $165 Million
- No Change in Control or Management of Company
DENVER, March 4 /PRNewswire/ -- Affiliated Media, Inc. today obtained confirmation for its plan of reorganization, paving the way for it to emerge from chapter 11 protection just six weeks after filing for it.
The Hon. Kevin J. Carey of U.S. Bankruptcy Court for the District of Delaware confirmed the plan at a hearing today. The plan reduces the company's debt from approximately $930 million to approximately $165 million.
Affiliated Media, Inc. is the holding company for the MediaNews Group family of newspapers, the nation's second-largest newspaper publisher by circulation and owner of 54 daily newspapers, over 100 non-daily newspapers, as well as websites, television and radio broadcasters that serve markets in 12 states.
"We knew we had a good plan going in, and it had been approved by the lenders before it was filed," said William Dean Singleton, Chairman and Chief Executive Officer of MediaNews Group. "We are pleased that it won confirmation, and that our company is now well-positioned for the changing days ahead."
The reorganization involves no management change or change of control of the company. The company reached agreement on terms of the plan with its lenders prior to filing for protection on Jan. 22, 2010.